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Total has entered into an agreement with SSE Renewables, to acquire a 51% stake in the Seagreen 1 offshore wind farm project for an upfront payment at closing of GBP 70 million and earn-outs up to GBP 60 million in aggregate subject to performance conditions. The 1,140MW project has reached simultaneously a final investment decision and financial close. The purchase agreement also covers a potential extension opportunity of up to 360MW.
Located 27 kilometres from the coastline in Scottish waters of UK North Sea, Seagreen 1 has secured all necessary major permits and onshore construction began in Q1 2020. The project will start producing renewable electricity from end of 2022. The project represents a global investment of around US$ 3.7 billion. Total has secured close to 70% of external financing for its 51% stake. Seagreen 1 benefits from a 15-year CfD (Contract for Difference) awarded by the UK Government for 454 MW, representing 42% of the total project capacity. An additional 30% of the project capacities will also be contracted under a private CfD with the SSE Group.
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