Ethtry Plc (AQSE: ETHY), the UK-listed company which has implemented an Ethereum treasury policy to support the development and operation of its commercial and investment activities across breakthrough technologies, has announced that it has been allocated a participation as a lender in an oversubscribed senior secured syndicated loan facility arranged by GSB Capital Ltd for Cerulean Winds Limited, who are developing one of the largest floating offshore wind programmes in the world.
The Company has committed £500,000 to the Facility, payment of which will be made from Ethtry’s current cash reserves.
The investment sits alongside the Company’s Ethereum treasury policy and forms part of its broader strategy to generate attractive returns for shareholders through well-secured lending positions in high-quality energy transition projects.
Strategic Rationale
The Board considers this investment to be an important step in executing the Company’s strategy of deploying capital into well-secured positions within the energy transition sector, with the objective of generating strong risk-adjusted returns for shareholders. Alongside the Company’s Ethereum treasury policy, which provides exposure to the growth of the Ethereum ecosystem, this investment further diversifies the Company’s capital deployment across complementary high-conviction themes.
The Facility provides the Company with a senior secured lending position backed by first-ranking security. The Board believes this type of structured, asset-backed investment – offering high-conviction returns with meaningful downside protection – represents an attractive use of the Company’s capital and is well-aligned with its broader investment strategy.
The Board also notes that the relationship with GSB, whose deal flow and client network span the renewable energy and infrastructure sectors, may present further opportunities for the Company to deploy capital on similarly attractive terms.
The Company’s Ethereum treasury policy remains a central component of its capital strategy. The Board believes that the combination of a digital asset treasury and targeted investments in well-secured energy transition projects creates a diversified and differentiated platform for long-term shareholder value creation.
Potential Move to AIM
The Board of Ethtry is considering a move to the AIM Market of the London Stock Exchange (“AIM”) and will commence discussions shortly with its professional advisers in regards to moving its listing to AIM.
Investment Overview
The Facility is senior secured debt established in September 2025 to fund continued development expenditure for Cerulean Winds’ Aspen Phase 1 floating offshore wind project as it progresses towards participation in this years’ AR8 process. This funding round is now oversubscribed, with the Company having secured its allocation through GSB’s selective syndication process.
Key terms of the Facility:
Senior secured, first-ranking position: The Facility benefits from an English law debenture at Cerulean Winds group level, together with share charges over each project company.
Returns: The Facility offers a highly attractive risk-adjusted return, with interest income to be received during 2026.
Maturity: The Facility was put in place as a 364-day loan.
Institutional-quality arrangement: GSB is a FCA-regulated wealth management firm with over US$1 billion in assets under management.
About Cerulean Winds
Cerulean Winds is a UK-based renewable energy developer advancing one of the largest floating offshore wind programmes in the world. The company holds three seabed leases awarded through Crown Estate Scotland’s Innovation and Targeted Oil and Gas (“INTOG”) leasing round, comprising the Aspen, Beech and Cedar sites with a combined potential capacity of approximately 3GW.
The company is currently advancing Aspen Phase 1, a scaled 1GW floating offshore wind project targeting a final investment decision in 2027 and commercial operations before 2030. Offshore consent applications were submitted in August 2025. The project’s delivery consortium includes Tier 1 industrial partners NOV, Siemens Energy, Bilfinger, Ocean Installer and Haventus. The Aspen project alone is expected to attract approximately £10.9 billion of total investment over its 50-year lifespan and is projected to create more than 1,000 UK jobs.
Scottish Enterprise, Scotland’s national economic development agency, is an existing lender to Cerulean Winds and has provided additional funding alongside the Facility, reflecting continued public-sector confidence in the project.
Dan Jackson, Founding Director of Cerulean Winds, commented:
“We welcome Ethtry’s participation in our debt facility as we continue to advance the Aspen project towards a final investment decision. The strong demand for this facility reflects the quality of our project pipeline, the strength of our Tier 1 delivery consortium, and the significant progress we have made across consenting, grid connection and our equity raise. Floating offshore wind represents a transformational opportunity for the UK, and we are grateful for the support of our lending partners as we work to deliver one of the country’s first large-scale floating wind farms.”
Chris Lloyd (Managing Partner) of GSB Capital Ltd, commented:
“We are pleased to have facilitated Ethtry’s participation in this facility. The Cerulean Winds facility has attracted significant interest from our investor base, and the remaining tranche is now oversubscribed. This reflects both the compelling risk-return profile of the investment and the exceptional quality of the underlying project. GSB is committed to sourcing differentiated opportunities for our clients across the energy transition and infrastructure sectors, and we look forward to continuing to work with Ethtry and our wider investor network.”
Steve Winfield, Director of Ethtry, commented:
“We are delighted to have secured an allocation in this oversubscribed facility. This investment highlights our strategy of targeting strong, well-secured returns. Cerulean Winds is progressing one of the world’s most significant floating offshore wind programmes, backed by Tier 1 industrial partners and supported by Scotland’s national development agency. The combination of senior secured lending and attractive risk-adjusted returns makes this a compelling opportunity for our shareholders. We look forward to building on our relationship with GSB as we continue to execute our investment strategy.”
