Spain-based oil company, Repsol has agreed to purchase SeaEnergy Renewables (SERL), an offshore wind unit of SeaEnergy for £50m ($82.2m).
SeaEnergy will earn about £29.1m ($47.8m) after the paying for the transaction costs and repaying the £6.9m($11.3) loan from LC Capital Master Fund and EDP Renovaveis.
The deal will enable Repsol’s to make an entry into UK offshore wind market and in line with SeaEnergy’s startegy to focus on its oil, gas and marine services.
SERL holds a stake in three offshore wind projects being developed in Scotland with a combined capacity of 3,125MW, of which SERL owns 781MW, reports Bloomberg.
It also has holds 25% interest in the Beatrice project in the Outer Moray Firth and the Inch Cape park in the outer Firth of Tay.
EDP and SERL holds 75% and 25% interest respectively in the Moray Firth project, which is expected to have about 1.3GW of generation capacity.