SSE to buy remaining 50% stake in Seagreen Wind Energy for $155m

26 September 2018 (Last Updated September 26th, 2018 10:35)

UK-based energy company SSE is set to acquire full ownership control of the offshore wind joint venture Seagreen Wind Energy.

SSE to buy remaining 50% stake in Seagreen Wind Energy for $155m
SSE has acquired full ownership of Seagreen offshore wind project. Credit: SSE.

UK-based energy company SSE is set to acquire full ownership control of the offshore wind joint venture Seagreen Wind Energy.

SSE, which currently owns 50% stake in the offshore venture, will buy the other 50% stake from Fluor for £118m ($155m).

"The turbines have the capacity to generate 1.5GW of clean energy, sufficient to power at least 670,000 homes."

The Seagreen projects are located in Scottish waters in the outer Firth of Forth and Firth of Tay.

Seagreen Phase I project comprises of ‘Alpha’ and ‘Bravo’ offshore windfarms and will involve development of a maximum of 120 turbines.

They will have the capacity to generate 1.5GW of clean energy, sufficient to power at least 670,000 homes.

In addition, the Seagreen projects are expected to enhance Scotland’s renewable energy generation capacity, as well as help Scotland and the UK to meet their renewable energy targets.

SSE wholesale director Martin Pibworth said: “The Seagreen acquisition aligns with SSE’s ambition to create value from owning, operating and developing clean energy assets and infrastructure.

“We are looking forward to taking full ownership of Seagreen as we progress through this critical phase towards the contracts for difference auction, expected in May 2019.

“SSE’s expertise in the development, construction and operation of offshore wind will be an asset to Seagreen, and we will review the ownership structure in due course.”

The Seagreen projects are currently seeking permissions for the use of fewer, larger, higher capacity wind turbines and the inclusion of monopiles as a foundation option.

SSE is also involved in the development of projects at Dogger Bank and holds a development option at Arklow Bank in Ireland.