TotalEnergies sells 25,5% of its shares in Scotland's largest offshore wind farm

"TotalEnergies has signed an agreement with PTTEP, the Thai national oil and gas company, for the sale by TotalEnergies of a 25,5% stake in the Seagreen offshore wind farm in Scotland", for an amount of 689 million dollars (627 million euros), the French group said in a press release.

TotalEnergies will now own 25,5% of Seagreen alongside PTTEP (25,5%) and SSE Renewables (49%), the main developer of offshore wind power in Great Britain.

This transaction will allow the group to increase the profitability of its investment in this park valued at $4,3 billion, "in line with its economic model in renewables", underlines TotalEnergies.

“This transaction is a new success in the implementation of our transition strategy and will contribute to achieving our objective of 12% profitability in our Integrated Power electricity business,” declared Patrick Pouyanné, CEO of TotalEnergies quoted in the press release.

The largest offshore wind farm in Scotland, where many projects are under development, Seagreen is also the deepest fixed-bottom wind farm in the world, plunging to a water depth of 59 meters. For the French TotalEnergies, this is the very first offshore wind project to have started in Europe.

Fully operational since October 2023, the Seagreen wind farm has 114 turbines capable of powering more than 1,6 million homes, the equivalent of two out of three Scottish homes, for a total capacity of 1.075 MW, the group explained. .

The two groups TotalEnergies and PTTEP have also signed an agreement “aimed at exploring common opportunities in the development of renewable energies”, the press release also specifies.