French oil and gas company TotalEnergies announced it has signed an agreement with Thailand’s national oil and gas company PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm for £522 million.
Following this deal, TotalEnergies retains 25.5% of Seagreen, alongside PTTEP (25.5%) and SSE Renewables (49%).
Situated 27km off the Angus coast in the North Sea’s Firth of Forth, Seagreen is now Scotland’s largest wind farm as well as the world’s deepest fixed-bottom offshore wind farm, with its deepest foundation installed at a record 58.7 metres below sea level.
“This transaction implies an enterprise value of $4.3 billion (100%), equivalent to a multiple of 13 times the expected average EBITDA over the next 5 years, depending on future market prices,” said TotalEnergies.
“With a total capacity of 1,075 MW, Seagreen is the world’s deepest fixed bottom wind farm.
“Fully operational since October 2023, Seagreen is comprised of 114 turbines which can provide enough electricity to power more than 1.6 million homes, equivalent to two-thirds of all homes in Scotland.
“In addition, TotalEnergies and PTTEP have signed a Memorandum of Understanding (MoU) to explore joint opportunities in the development of renewable energies.”
TotalEnergies CEO Patrick Pouyanné said: “After a long history of partnership in gas production in Thailand, we are delighted to welcome PTTEP as a shareholder partner in the Seagreen offshore wind farm alongside SSE, which marks a first step in our collaboration with PTTEP in renewable energies.
“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.”
PTTEP CEO Montri Rawanchaikul said: “PTTEP is also very delighted to extend its partnership and collaboration with TotalEnergies in offshore wind as well as other potential renewable energy to foster mutual business growth in the future.
“The success also marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector for a sustainable future.”
The completion of the transaction is subject to receipt of applicable governmental and regulatory approvals.