Total to Buy 51% Stake in Offshore Wind Project in Scotland
June 03 2020 - 11:41AM
Dow Jones News
By Jessica Sier
Total SA said Wednesday that it will buy a 51% stake in SSE
Renewables offshore wind-farm project for a total of 130 million
pounds ($162.9 million).
The French multinational said it will pay GBP70 million up front
at the closing of the deal, and then earn-outs of GBP60 million
subject to performance. It added that it has secured close to 70%
of external financing for its 51% stake.
The 1,140 megawatts wind-farm project, known as Seagreen1, aims
to cover the energy needs of 1 million homes. Once completed, it
will be Scotland's largest offshore wind-farm project, attracting
global investment worth around $3.7 billion, Total said.
"Total builds up a strong position in the world's largest
offshore wind market, as it becomes a majority stakeholder in the
Seagreen 1 project, one of the largest offshore wind farms in the
U.K. North Sea," Total Chairman and Chief Executive Patrick
Pouyanne said.
Total's investment will unlock GBP3 billion of low carbon
investment and aid the U.K.'s green recovery from coronavirus, SSE
Renewables Chief Executive Alistair Phillips-Davies.
Write to Jessica Sier at jessica.sier@wsj.com
(END) Dow Jones Newswires
June 03, 2020 11:26 ET (15:26 GMT)
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