SeaEnergy PLC has announced that it has reached agreement to dispose of its entire interest inSeaEnergy Renewables Limited (SERL) to Repsol Nuevas Energias SA (Repsol) in a deal which values SERL at an enterprise value of approximately £50 million.
Subject to SeaEnergy shareholder approval, the Company will dispose of its 80.13% interest in SERL, which has an interest in three offshore wind farm sites off the coast of Scotland, in return for a cash consideration of £30.7 million and the full recovery of its £8.1 million investment in SERL. The remaining share capital, held by SERL’s management, will also be acquired by Repsol, which has, in turn formed a consortium with EDP Renováveis (EDPR) to further develop two of SERL’s projects. EDPR already holds a 75% majority interest in the Moray Firth Wind Farm Project, in which a subsidiary of SERL holds the remaining 25%. SERL has been loss making since it was founded and has been funded by way of inter-company loans by SeaEnergy.
Subject to SeaEnergy shareholder approval, the Company will dispose of its 80.13% interest in SERL, which has an interest in three offshore wind farm sites off the coast of Scotland, in return for a cash consideration of £30.7 million and the full recovery of its £8.1 million investment in SERL. The remaining share capital, held by SERL’s management, will also be acquired by Repsol, which has, in turn formed a consortium with EDP Renováveis (EDPR) to further develop two of SERL’s projects. EDPR already holds a 75% majority interest in the Moray Firth Wind Farm Project, in which a subsidiary of SERL holds the remaining 25%. SERL has been loss making since it was founded and has been funded by way of inter-company loans by SeaEnergy.
