TotalEnergies has signed an agreement with Thailand’s national oil and gas company, PTTEP, to sell a 25.5% equity stake in the Seagreen offshore wind farm for $689 million.
The project has a total capacity of 1,075 MW, is comprised of 114 turbines and has been fullly operational since October. The farm can provide enough electricity to power more than 1.6 million homes, says TotalEnergies.
The two companies have also signed a MOU to explore joint future development opportunities in renewable energy development.
“After a long history of partnership in gas production in Thailand, we are delighted to welcome PTTEP as a shareholder partner in the Seagreen offshore wind farm alongside SSE, which marks a first step in our collaboration with PTTEP in renewable energies,” says Patrick Pouyanné, TotalEnergies chairman and CEO. “This transaction is a new milestone in the implementation of our transition strategy and will contribute to reaching our 12% profitability target in Integrated Power business.”
“PTTEP is also very delighted to extend its partnership and collaboration with TotalEnergies in offshore wind as well as other potential renewable energy to foster mutual business growth in the future,” adds Montri Rawanchaikul, CEO of PTTEP. “The success also marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector for a sustainable future.”
Following this deal,TotalEnergies is set to retain 25.5% of Seagreen, alongside PTTEP’s 25.5% and SSE Renewables’ 49% stakes.
