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Octopus Renewables Infrastructure sells stake in Simply Blue Energy OSW
(Sharecast News) - Renewables infrastructure investor Octopus Renewables Infrastructure Trust has a stake in the offshore wind development arm of investee company Simply Blue Group.
Simply Blue signed a share subscription agreement with Kansai Electric Power Company, which will see the latter acquire an 80% interest in Simply Blue Energy OSW.
The deal, for an undisclosed sum, follows a recent carve-out of Simply Blue's sustainable fuels business into a newly formed entity, Nova Scotia Fuels.
The transaction value is said to be in line with ORIT's latest estimates and "represents the next step in realising value from ORIT's investment", the company said in a statement.
Some of the proceeds will be used repay a shareholder loan facility held by ORIT, with the residual value retained through ORIT's ongoing minority interest in Simply Blue.
"This is a solid outcome in what remains a challenging market for offshore wind developers. It reinforces our confidence in the Simply Blue team and reflects the strength of the partnership with Kansai who are ideally placed to move this platform forward," said ORIT's co-fund manager Chris Gaydon.
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