Salmond welcomes European takeover of Scottish renewables

Scottish First Minister Alex Salmond today welcomed plans for a Spanish-Portugese takeover of offshore wind projects in Scottish waters. Spain’s largest oil company, Repsol and Portugal’s EDP Renováveis confirmed plans […]

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By Tom Gibson

Scottish First Minister Alex Salmond today welcomed plans for a Spanish-Portugese takeover of offshore wind projects in Scottish waters.

Spain’s largest oil company, Repsol and Portugal’s EDP Renováveis confirmed plans for a joint venture following the Spanish company’s purchase of SeaEnergy Renewables Ltd, which was announced to the stock exchange this morning.

Although SERL had been making a loss Alex Salmond said: “Today’s announcement of a joint venture involving two of Europe’s major energy companies is a massive vote of confidence in Scotland’s offshore wind sector and in the significant opportunities that are available for leading utilities and developers.”

Under its agreement with EDPR, Repsol will hold a 33% stake in Moray Offshore Wind Ltd and 51% of Inch Cape Offshore Wind Ltd. Repsol will now own a 25% stake in the Beatrice offshore wind development, in which Scottish and Southern Energy Renewables holds the remainder.

The Minister said Scotland’s renewable future was bright: “With around a quarter of Europe’s offshore wind energy potential, Scotland is uniquely positioned to develop this exciting industry and major companies like Doosan, Gamesa and Mitsubishi have already announced plans to develop their offshore wind interests here.”

Over its previous four-year term, the Scottish Government consented 42 renewable energy projects and in 2009, more than a quarter of electricity demand came from renewables. Scotland has around 7 GigaWatts of renewables capacity installed.