TotalEnergies, a global energy company, has finalized an agreement with Thailand’s PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm. The transaction, valued at £522 million ($689 million), aligns with TotalEnergies’ renewables business model.
Key Transaction Details:
Equity Stake and Partnerships: TotalEnergies sells 25.5% to PTTEP, retaining the same percentage alongside SSE Renewables (49%).
Enterprise Value: The transaction implies an enterprise value of $4.3 billion (100%), equivalent to a multiple of 13 times the expected average EBITDA over the next 5 years.
Seagreen Wind Farm: With a total capacity of 1,075 MW, Seagreen is the world’s deepest fixed bottom wind farm, fully operational since October 2023.
Electricity Generation: Seagreen’s 114 turbines can power over 1.6 million homes, contributing significantly to Scotland’s renewable energy goals.
Future Collaborations:
Memorandum of Understanding (MoU): TotalEnergies and PTTEP signed an MoU to explore joint opportunities in renewable energy development.
Strategic Milestone: Patrick Pouyanné, Chairman and CEO of TotalEnergies, highlighted the strategic significance of PTTEP’s involvement and the collaborative venture in offshore wind.
Ambitious Portfolio and Clean Energy Transition:
TotalEnergies’ Offshore Wind Portfolio: Exceeding 16 GW capacity, TotalEnergies has offshore wind projects globally, contributing to the company’s commitment to clean and sustainable energy.
Net Zero by 2050: TotalEnergies aims for net-zero emissions by 2050, focusing on a diverse and cost-competitive portfolio combining renewables, natural gas, and storage assets.
Future Growth:
Renewable Electricity Capacity: TotalEnergies plans to expand its renewable electricity generation capacity to 35 GW by 2025 and surpass 100 TWh of net electricity production by 2030.
Approval and Completion:
Pending Approvals: The completion of the transaction is subject to governmental and regulatory approvals.
TotalEnergies’ strategic move signifies a milestone in the global transition to clean energy and highlights the collaborative efforts toward achieving sustainable energy goals.
Source：businesswire.com
