TotalEnergies has divested a 25.5% equity share in the Seagreen offshore wind farm to Thailand’s PTTEP for £522 million, aligning with its renewable energy strategy. The transaction values Seagreen at $4.3 billion (100%) with an enterprise value multiple of 13 times the anticipated average EBITDA over the next five years.
Stake Distribution and Operational Overview
Post the deal, TotalEnergies retains a 25.5% stake, while PTTEP holds another 25.5%, and SSE Renewables retains the majority share at 49%. Seagreen, operational since October 2023, boasts a total capacity of 1,075 MW, making it the world’s deepest fixed-bottom wind farm.
*With 114 turbines, Seagreen can generate electricity to power over 1.6 million homes, equivalent to two-thirds of all homes in Scotland.
Future Collaborations and Industry Impact
TotalEnergies and PTTEP have also inked a Memorandum of Understanding to explore joint opportunities in renewable energy development, reflecting a broader collaboration in the clean energy sector. The completion of the transaction is contingent on receiving governmental and regulatory approvals.
TotalEnergies’ Global Presence in Offshore Wind
TotalEnergies boasts a diversified offshore wind portfolio with a cumulative capacity exceeding 16 GW. These projects span various countries, including the United Kingdom, South Korea, Taiwan, France, the United States, and Germany, contributing significantly to its net-zero by 2050 ambition.
Growth in Renewable Electricity Generation
In alignment with its net-zero goal, TotalEnergies continues expanding its renewable electricity generation. By the end of 2023, its gross renewable electricity capacity reached 22 GW. The company aims to further increase this capacity to 35 GW by 2025, targeting over 100 TWh of net electricity production by 2030.
Source：businesswire.com
