SeaEnergy sells renewables branch in £40m deal

Scotland-based SeaEnergy is selling its renewables branch to RepSol, the Spanish energy producer with a hand in hydrocarbons, oil and gas across four continents. In a deal welcomed by the […]

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By Vicky Ellis

Scotland-based SeaEnergy is selling its renewables branch to RepSol, the Spanish energy producer with a hand in hydrocarbons, oil and gas across four continents.

In a deal welcomed by the Scottish government, SeaEnergy will take £38.8 million in total for the deal, which includes SeaEnergy Renewables Ltd’s interest in three offshore wind farm sites off the coast of Scotland.

This covers £30.7 million for its SERL shares and £8.1 million through the repayment of group debt owed by SERL to SeaEnergy.

Steve Remp, Executive Chairman of SeaEnergy said the company will now focus attention on its marine business: “We believe that our nascent Marine business has a unique vessel concept that will make a material difference to the commercial economics of offshore wind.”