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Windtech International March April 2024 issue






SeaEnergy PLC has announced that it has reached agreement to dispose of its entire interest inSeaEnergy Renewables Limited (SERL) to Repsol Nuevas Energias SA (Repsol) in a deal which values SERL at an enterprise value of approximately £50 million.

Subject to SeaEnergy shareholder approval, the Company will dispose of its 80.13% interest in SERL, which has an interest in three offshore wind farm sites off the coast of Scotland, in return for a cash consideration of £30.7 million and the full recovery of its £8.1 million investment in SERL. The remaining share capital, held by SERL’s management, will also be acquired by Repsol, which has, in turn formed a consortium with EDP Renováveis (EDPR) to further develop two of SERL’s projects. EDPR already holds a 75% majority interest in the Moray Firth Wind Farm Project, in which a subsidiary of SERL holds the remaining 25%. SERL has been loss making since it was founded and has been funded by way of inter-company loans by SeaEnergy.
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