TotalEnergies has signed an agreement with Thailand’s national oil and gas company PTTEP for the sale of a stake in the Seagreen offshore wind farm, located off Scotland.
The agreement is for the sale of a 25.5% equity stake in Seagreen for a consideration of £522m ($689m).
Following this farm down, TotalEnergies retains 25.5% of Seagreen, alongside PTTEP (25.5%) and SSE Renewables (49%).
After a long history of partnership in gas production in Thailand, we are delighted to welcome PTTEP as a shareholder partner in the Seagreen offshore wind farm alongside SSE, which marks a first step in our collaboration with PTTEP in renewable energies.
“This transaction is a new milestone in the implementation of our transition strategy and will contribute to reaching our 12% profitability target in Integrated Power business”, said Patrick Pouyanné, Chairman and CEO of TotalEnergies.
Watson Farley & Williams advised TotalEnergies on its sale of the stake.
In addition, TotalEnergies and PTTEP have also signed a Memorandum of Understanding (MoU) to explore further joint opportunities in the development of renewable energy.
With a total capacity of 1075MW, Seagreen is the largest operational offshore wind farm in Scotland and features 114 turbines.