Eolus and Simply Blue Group Part Ways in Nordics

Business & Finance

February 22, 2024, by Adnan Memija

Eolus and Simply Blue Group have agreed to transfer the full ownership of the joint venture SeaSapphire to Eolus.

The joint venture SeaSapphire, owned 50/50 by Eolus and Simply Blue Group, was established in 2022 to jointly develop offshore wind projects in the Nordics, based on floating technology.

The cooperation includes projects, which are in early development phases, in Sweden and Finland.

The projects include Skidbladner, located 100 kilometres southeast of Stockholm; Herkules, located 60 kilometres southeast of the Island of Gotland; Wellamo, located 90 kilometres outside Satakunta Region, and an undisclosed project located in the Finnish exclusive economic zone.

“We see long-term potential in offshore wind power based on floating technologies, given the expected significant increase in electricity demand over the coming decades. We intend to develop the projects at a pace aligned with the maturity and cost competitiveness of the floating technology,” said Per Witalisson, CEO of Eolus.

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Following a strategic review of its global project portfolio, Ireland’s Simply Blue Group has decided to withdraw from the Nordics. Under mutually agreed terms, the company will transfer its 50 per cent share to Eolus in exchange for a future profit-sharing mechanism.

The completion of the transaction is subject to the approval of the Swedish Inspectorate of Strategic Products.

In addition to the above-mentioned projects, Eolus has several other wholly-owned offshore wind projects.

During 2023, permit applications were submitted for three of these: Västvind, outside Gothenburg, where Eolus is working in cooperation with Volvo Cars and the Port of Gothenburg; Arkona, south of Sweden, and Najaderna, outside Tierp municipality in Uppsala County.