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SeaEnergy sells SeaEnergy Renewables to Repsol

SeaEnergy PLC is selling its interest in loss-making SeaEnergy Renewables Ltd (SERL) to Repsol Nuevas Energias SA, valuating SERL at approximately £50 million.

By Renewable Energy Focus staff

SERL has been loss making since it was founded around three years ago, and has been funded by way of inter-company loans by SeaEnergy.

Subject to SeaEnergy shareholder approval, it will dispose of its 80.13% interest in SERL, which has an interest in three offshore wind farm sites off the coast of Scotland, in return for a cash consideration of £30.7 million and the full recovery of its £8.1 million 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 already holds a 75% majority interest in the Moray Firth Wind Farm Project, in which a subsidiary of SERL holds the remaining 25%.

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