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French energy group TotalEnergies SE (EPA:TTE) has agreed to sell a 25.5% equity stake in the 1,075-MW Seagreen offshore wind farm off the coast of Scotland to Thai oil and gas company PTTEP for GBP 522 million (USD 660.4m/EUR 601.3m).
Seagreen became fully operational in October. The facility is described as the largest wind turbine complex in Scottish waters and the world’s deepest fixed-bottom offshore park. The 114-turbine site produces enough clean electricity to meet the needs of more than 1.6 million homes.
Upon completion of the deal, which hinges on regulatory clearance, the French group will own 25.5% of Seagreen, while its project partner SSE Renewables will become the biggest shareholder with 49%.
“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”, said Patrick Pouyanne, CEO of TotalEnergies.
The terms of the agreement with PTTEP imply an enterprise value of USD 4.3 billion (EUR 3.91bn) for the wind farm, representing a multiple of 13 times the expected average EBITDA over the next five years, depending on future market prices, according to a statement released Thursday.
Apart from the stake sale, TotalEnergies and PTTEP have inked a memorandum of understanding (MoU) to explore joint opportunities in the development of renewable energies.
(GBP 1 = USD 1.265/EUR 1.152)
(USD 1 = EUR 0.910)
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