SeaEnergy offloads wind farm development unit
BRITAIN’S SeaEnergy has finally agreed a deal to sell its loss-making business developing wind farms to Spanish firm Repsol, enabling it to focus on providing services for the offshore wind sector.
The company, which put SeaEnergy Renewables on the block a year ago, will receive a cash consideration of £30.7m from Repsol for its 80.13 per cent in SERL.
Repsol will also repay £8.1m of debt owed to SeaEnergy by SERL and fund the repayment of some £3.2m in other loans owed by SERL.
SeaEnergy said it will use some of the net proceeds of £29.1m from the deal to develop its marine business providing vessels for constructing and servicing offshore wind turbines.
Repsol has formed a consortium with EDP Renovaveis to develop two of SERL’s projects.
In April, Repsol said that offshore wind farm construction costs in Britain need to drop by around 30 per cent over the next decade if the sector is to develop.