TotalEnergies Trims Its Share in Scotland’s Largest Offshore Wind Farm for EUR 602 Million

Business & Finance

December 22, 2023, by Adnan Memija

TotalEnergies has decided to sell a 25.5 per cent equity stake in Seagreen, Scotland’s largest offshore wind farm, in a GBP 522 million (about EUR 602 million) deal with Thailand’s national oil and gas company PTTEP.

Following this farm down, TotalEnergies retains 25.5 per cent of Seagreen, alongside PTTEP (25.5 per cent), and SSE Renewables (49 per cent).

The completion of the transaction is subject to receipt of applicable governmental and regulatory approvals.

“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,” said Patrick Pouyanné, Chairman and CEO of TotalEnergies.

“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.”

The two companies have also signed a Memorandum of Understanding (MoU) to explore joint opportunities in the development of renewable energies.

Located 27 kilometres off the Angus coast in the North Sea’s Firth of Forth, Seagreen is Scotland’s largest wind farm as well as the world’s deepest fixed-bottom offshore wind farm, with its deepest foundation installed at a record 58.7 metres below sea level.

Fully operational since October 2023, the offshore wind farm is comprised of 114 Vestas V164-10.0 MW turbines.

The 1,075 MW project can generate enough renewable electricity to power almost 1.6 million homes annually, equivalent to two-thirds of all Scottish homes, according to its owners.