TotalEnergies has announced the sale of a 25.5% stake in the Seagreen wind farm, situated offshore Scotland, to Thailand's PTT Exploration and Production (PTTEP) for a transaction value of £522 million ($661.4 million).
Patrick Pouyanne, Chairman and CEO of TotalEnergies, described the move as a pivotal step in their transition strategy, emphasizing its role in achieving the company's 12% profitability target in the Integrated Power business.
Under the agreement, both TotalEnergies and PTTEP will each hold a 25.5% share in the Seagreen wind farm, while SSE Renewables will retain the majority ownership with a 49% stake. This collaboration not only marks a strategic alignment in the offshore wind sector but also opens avenues for potential joint ventures, as evidenced by a Memorandum of Understanding signed between the two energy giants.
Expressing enthusiasm for the expanded partnership, PTTEP CEO Montri Rawanchaikul stated, “PTTEP is also very delighted to extend its partnership and collaboration with TotalEnergies in offshore wind as well as other potential renewable energy.”
Seagreen Wind Farm, boasting 114 turbines in the North Sea, is recognized as the world's deepest fixed bottom wind farm, with a total capacity of 1,075 MW. Having commenced operations in October 2023, the project exemplifies the industry's commitment to advancing renewable energy technologies and expanding the global renewable energy portfolio.