SeaEnergy has sold its 80.1% stake in SeaEnergy Renewables Ltd to Repsol Nuevas Energias SA for £30.7 million plus full recovery of its £8.1 million investment in the owner of three offshore wind farm sites off the coast of Scotland.
Going forward, SeaEnergy will focus on its offshore marine services business.
SeaEnergy will have to pay back loans of £6.9 million relating to SeaEnergy Renewables. After the costs of the transaction, SeaEnergy will have net proceeds of £29.1 million. This will leave the company with pro forma net cash of £28 million to help in the development of its marine services operations, which will provide a faster return than the wind farms.
SeaEnergy Marine has signed a cooperation agreement with EDP Renováveis relating to opportunities for the supply of operations and maintenance vessels, field infrastructure and equipment installation vessels and other services and equipment.
The SeaEnergy Renewables name has been retained by the company and will be used as the holding company for the marine assets.
Turbine productivity is key to the profitable running of wind assets and SeaEnergy believes it has built up expertise in this area that can be used in the design of service vessels.
There are plans for thousands of offshore wind turbines in the North Sea, and SeaEnergy is well placed to take advantage of this as well as growth in wave and tidal power.
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