PTTEP Invests $690 Million to Hold Stake in 1.1GW Offshore Wind Farm in Scotland

PTT Exploration and Production Public Company Limited (SET: PTTEP) has announced that on 21 December 2023, FutureTech SG Pte. Ltd. (FSG), a wholly-owned subsidiary of PTTEP group, has entered into a Share Purchase Agreement (SPA) to acquire 50% share capital in TotalEnergies Renewables Seagreen Holdco Ltd (TERSH) from TotalEnergies Renewables UK Ltd (TERUK), a subsidiary in TotalEnergies SE group company (TotalEnergies) for a total estimated consideration of approximately GBP 522 million (approximately USD 689 million equivalent), which subject to customary net working capital and closing adjustments from the signing date until completion. TotalEnergies group will maintain its holding of the remaining 50% shares in TERSH.

Presently, TERSH invests in a 51% stake in the Seagreen Offshore Wind Farm (the Project), situated 27 kilometers off the coast of Scotland, United Kingdom, in the North Sea. The Project has 114 turbines with a total generating capacity of approximately 1.1 GW, the largest offshore wind farm in Scotland. The Project started its full operation in October 2023. SSE Renewables Services (UK) Ltd., an experienced renewable energy company from Scotland, is the operator and holds the remaining 49% stake in the Project.

This acquisition is a major milestone for PTTEP in expanding investments into the clean energy business. It reinforces the company’s commitment towards Energy Transition and builds upon the company’s experiences in offshore project management and network of partnerships. This first step is underlined by the investment in an operational asset with stable cashflow, in partnership with global experienced players and in the country with supportive policies to propel continuous development of the offshore wind market.

Concurrently, PTTEP also signed the Memorandum of Understanding with TotalEnergies for further collaboration between the two companies in offshore wind investments, as well as to exchange knowledge and experiences in support of their future operations.