Repsol, through new energy subsidiary Repsol Nuevas Energies, is to buy 80.13% equity in SeaEnergy Renewables (SERL), which owns the three wind farms offshore Scotland for £38.8 million plus the repayment of debt. Repsol will also buy the remaining equity in SERL, owned by SERL management.
SERL has a 25% interest in the development of a wind farm in the Outer Moray Firth through a joint-venture with EDP Renováveis (EDPR), which owns a 75% majority interest in the project.
Sea Energy says it will now concentrate on its other marine renewables business, through SeaEnergy Marine, which includes development of a new offshore installation vessel for deepwater applications, and the rights to a co-operation agreement for construction of steel jackets for wind turbines, in a venture with China’s Nantong Cosco Ship Steel Structure Company.
With the deal today, Remp declared: “We created a business out of nothing but a concept, and three years later it has been valued at £50m.”
He continued: “This deal allows us to continue to participate in the fast-growing UK and European offshore wind turbines markets, and to build on our enviable track record of working with some of the world’s biggest companies.”