Repsol moves into offshore wind power

Sea Energy chief Steve Remp who previously formed exploration group Ramco, signalled today that one of his subsidiary companies is to be bought subject to shareholder approval.

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.”