Total has announced entry into an agreement with SSE Renewables to acquire a 51% stake in the Seagreen 1 offshore wind farm project with an upfront payment at the close of the agreement of 70m£ and earn-outs up to 60m£ in aggregate subject to performance conditions.
“Total builds up a strong position in the world’s largest offshore wind market, as it becomes a majority stakeholder in the Seagreen 1 project, one of the largest offshore wind farms in the UK North Sea. This move represents a major change of scale for Total’s offshore wind activity in line with our strategy of profitable growth in renewables and low carbon electricity,” said Patrick Pouyanné, Chairman & CEO of Total. “As one of the main actors in the UK energy sector, Total will leverage its extensive expertise in offshore operations and maintenance to contribute to the success of the project alongside country’s leading offshore wind developer, SSE Renewables”.
“We are delighted to be partnering with Total to deliver Scotland’s largest offshore wind farm, Seagreen, which will make a significant contribution to the UK’s green recovery from coronavirus by unlocking £3bn of low carbon investment and generating the low carbon power we need to reach net zero. Today’s announcement is the result of great efforts by both teams to successfully complete this transaction in the current challenging circumstances. Total’s extensive global experience in the offshore environment combined with their clear ambition to contribute to the development of renewable energy worldwide is a strong fit with SSE Renewables’ strategic objective to treble our renewable output by 2030”, said SSE’s Chief Executive, Alistair Phillip-Davies.