Offshore wind farm. Author: Mark Freeth. License: Creative Commons
Nov 6, 2014 - UK utility SSE Plc (LON:SSE) said today it will sell a 25% stake in the 664-MW Beatrice offshore wind project in Scottish Territorial waters to fund manager Copenhagen Infrastructure Partners (CIP).
Spanish oil group Repsol (MCE:REP), through Repsol Nuevas Energias UK, continues to hold a 25% interest in the project.
SSE did not reveal the exact value of the deal, but said the terms reflect the costs of developing the scheme to its current stage. The company expects to make a final investment decision with regard to Beatrice in 2016.
In late March 2014 SSE said it planned to reduced its stake in the scheme to 50%. At that time, the company also noted it had decided to cease further investments in the 690-MW Islay offshore wind scheme and put on hold its efforts related to the 340-MW Galloper offshore wind farm. Its goal was to focus its near-term offshore wind development efforts only on the Beatrice project.
Meanwhile, in June, the UK government awarded an early investment deal under the Contracts for Difference (CfD) programme to the Beatrice offshore wind project in the Outer Moray Firth.