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Total eyes stake in 1.1-GW UK offshore wind project - report

The Beatrice offshore wind park in Scotland. Source: Beatrice Offshore Windfarm Ltd (BOWL)

March 2 (Renewables Now) - French oil and gas giant Total SA (EPA:FP) has made it to the final round of bidding for a stake in the 1,075-MW Seagreen wind project in the Scottish part of the North Sea, Bloomberg reports, quoting informed people.

The project in question is owned by SSE Renewables, a unit of UK utility SSE Plc (LON:SSE), which confirmed to the news agency that it is interested in selling a stake in the scheme, but did not provide more information about the process.

According to the report, with Seagreen, Total is looking to gain expertise ahead of taking part in the forthcoming government offshore wind auctions.

The Seagreen offshore wind park will be installed about 27 km off the Angus coast. Its Phase 1 comprises the Seagreen Alpha and Bravo wind farms that should be completed in 2024. In September 2019, SSE Renewables won a contract for difference (CfD) for 42% of Seagreen’s capacity, or 454 MW, at GBP 41.61 (USD 53.1/EUR 47.9) per MWh in 2012 prices.

The total cost of the entire project is estimated at about GBP 5.7 billion.

(GBP 1.0 = USD 1.277/EUR 1.152)

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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