TotalEnergies (XPAR: TTE) has agreed to sell 25.5% of Seagreen, Scotland’s largest offshore wind farm, in a £552m deal with Thailand national oil firm PTTEP.
The French energy major said the deal implies an enterprise value of $4.3bn, more than 13 times the expected average EBITDA of the project over the next five years.
Seagreen, which became fully operational in October, lies around 14 miles from the Angus coast.
Following the deal, TotalEnergies will retain 25.5%, alongside operator SSE Renewables (49%) and PTTEP with 25.5%.
TotalEnergies and PTTEP have also signed a memorandum of understanding to explore joint renewable energy opportunities.
CEO of TotalEnergies Patrick Pouyanne said: “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.
“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.”
Seagreen includes 114 turbines with enough generation to power more than 1.6 million homes, which TotalEnergies said was the equivalent of more than two-thirds of homes in Scotland.
Montri Rawanchaikul, CEO of PTTEP, said: “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.
“The success also marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector for a sustainable future.”
SSE Renewables took over from TotalEnergies as operator once the development phase ended and Seagreen became fully operational in October.
