(CercleFinance.com) – TotalEnergies has signed an agreement with PTTEP, the Thai national oil and gas company, for the sale by TotalEnergies of a 25.5% stake in the Seagreen offshore wind farm in Scotland for a consideration of £522 million ($689 million).
TotalEnergies will now own 25.5% of Seagreen alongside PTTEP (25.5%) and SSE Renewables (49%).
This transaction values Seagreen at $4.3 billion (at 100%), or a multiple of 13 times the average EBITDA expected over the next 5 years, depending on the evolution of electricity market prices.
The company says Seagreen has a total capacity of 1,075 MW and is ‘the world’s deepest fixed-bottom wind farm’.
Operational since October 2023, Seagreen has 114 turbines to power more than 1.6 million homes, the equivalent of two in three Scottish homes.
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