Repsol has agreed to sells its UK offshore wind power business to China’s SDIC Power in a deal worth €238m.
The Spanish energy company said today that the deal will generate a post-tax capital gain of €109m.
The sale includes the Inch Cape project, which the company 100% owns, and Repsol’s 25% share in the Beatrice project. Both projects are located on the east coast of Scotland.
The company expects to complete the sale during the first half of this year, “once the usual conditions in this type of transaction are fulfilled and the necessary regulatory approvals obtained”.
Repsol said the deal is part of the company’s goal to sell non-strategic assets.
The company said the active management of its portfolio of assets is one of the strategic lines of action outlined in the 2016-2020 strategic plan. It expects to obtain €6.2bn from the divestment of non-strategic assets between 2016 and 2020.
Repsol has so far finalised divestments worth more than €2.5bn in the last five months.
Image: the Beatrice wind farm will be built next to the existing offshore demo (Senvion)
