Repsol to Purchase SeaEnergy Renewables

5 June 2011 (Last Updated June 5th, 2011 18:30)

Repsol has agreed to buy SeaEnergy Renewables (SERL), an offshore wind unit of SeaEnergy, for £50m. SeaEnergy will earn about £29.1m after repaying a £6.9m loan from LC Capital Master Fund and EDP Renovaveis. SERL has a stake in three offshore wind projects being developed i

Repsol has agreed to buy SeaEnergy Renewables (SERL), an offshore wind unit of SeaEnergy, for £50m.

SeaEnergy will earn about £29.1m after repaying a £6.9m loan from LC Capital Master Fund and EDP Renovaveis.

SERL has a stake in three offshore wind projects being developed in Scotland with a total capacity of 3,125MW, of which SERL owns 781MW, reports Bloomberg.

It also has holds a 25% interest in the Beatrice project in the Outer Moray Firth and the Inch Cape park in Scotland.

EDP and SERL will hold a 75% and 25% interest respectively in the 1.3GW Moray Firth project.