SeaEnergy is to sell its entire interest in SeaEnergy Renewables (SERL) to Repsol Nuevas Energias (Repsol) in a deal which values SERL at approximately £50m.
Subject to shareholder approval, SeaEnergy will dispose of its 80.13 per cent interest in SERL, which has an interest in three offshore wind farm sites off the coast of Scotland, in return for £30.7m in cash and the full recovery of its £8.1m 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 holds a 75 per cent majority interest in the Moray Firth Wind Farm Project, in which a subsidiary of SERL holds the remaining 25 per cent.
Aberdeenshire-based SeaEnergy says it will now focus on its existing assets, in particular its offshore renewables marine services business SeaEnergy Marine.