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 $689 million.
Following the farm down, TotalEnergies retains 25.5% of Seagreen offshore wind farm, alongside PTTEP (25.5%) and SSE Renewables (49%).
The completion of the transaction is subject to receipt of applicable governmental and regulatory approvals, according to the companies.
With a total capacity of 1 GW, Seagreen is the world’s deepest fixed bottom wind farm. Fully operational since October 2023, Seagreen is comprised of 114 turbines which can provide enough electricity to power more than 1.6 million homes, equivalent to two-thirds of all homes in Scotland.
In addition, TotalEnergies and PTTEP have signed a Memorandum of Understanding (MoU) to explore joint opportunities in the development of renewable energies.
Patrick Pouyanné, Chairman and CEO of TotalEnergies, said: "After a long history of partnership in gas production in Thailand, we are delighted to welcome PTTEP as a shareholder partner in the Seagreen offshore wind farm alongside SSE, which marks a first step in our collaboration with PTTEP in renewable energies.
“This transaction is a new milestone in the implementation of our transition strategy and will contribute to reaching our 12% profitability target in Integrated Power business.”
Montri Rawanchaikul, CEO of PTTEP, added: “The success also marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector for a sustainable future.”