TotalEnergies has signed an agreement with Thailand’s national oil and gas company PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm for a consideration of £522 million ($689 million).
Following this farm down, TotalEnergies retains 25.5% of Seagreen, alongside PTTEP (25.5%) and SSE Renewables (49%). This transaction implies an enterprise value of $4.3 billion (100%). Seagreen has a total capacity of 1,075 MW and is fully operational since October 2023, and is comprised of 114 turbines. In addition, TotalEnergies and PTTEP have signed a Memorandum of Understanding (MoU) to explore joint opportunities in the development of renewable energies.
