In a major move in the renewable energy sector, TotalEnergies has solidified its commitment to sustainability by signing an agreement with Thailand’s PTTEP for the sale of a 25.5% equity stake in the Seagreen offshore wind farm. The deal, valued at £522 million ($689 million), is a significant step in TotalEnergies’ renewable business model, marking a key milestone in its energy transition journey.

Seagreen Offshore Wind Farm : A Beacon of Green Energy

Post-transaction, TotalEnergies retains an equal 25.5% stake in Seagreen, sharing ownership with PTTEP and SSE Renewables. The enterprise value of the deal, standing at $4.3 billion (100%), reflects an impressive multiple of 13 times the expected average EBITDA over the next five years. This valuation underscores the wind farm’s promising financial outlook and its pivotal role in the renewable energy landscape.

The Seagreen offshore wind farm, with a total capacity of 1,075 MW, has gained distinction as the world’s deepest fixed bottom wind farm. Operational since October 2023, the farm comprises 114 turbines, capable of powering more than 1.6 million homes, effectively serving two-thirds of all homes in Scotland. This operational capacity underscores TotalEnergies’ and PTTEP’s dedication to scaling up renewable energy and enhancing sustainable power supply.

Strengthening Partnerships in Renewable Energies

The collaboration between TotalEnergies and PTTEP extends beyond the Seagreen offshore wind farm. The two companies have also signed a Memorandum of Understanding (MoU) to explore joint opportunities in renewable energy development. Patrick Pouyanné, Chairman and CEO of TotalEnergies, highlighted the significance of this partnership, emphasizing its alignment with the company’s transition strategy and profitability targets.

Montri Rawanchaikul, CEO of PTTEP, echoed these sentiments, expressing enthusiasm for extending the partnership with TotalEnergies in renewable energies. This strategic alignment marks PTTEP’s significant step towards diversifying into the high-growth potential clean energy sector.

TotalEnergies’ Global Offshore Wind Portfolio

TotalEnergies’ portfolio in offshore wind, with a total capacity exceeding 16 GW, primarily consists of bottom-fixed farms. These projects span various international locations, including the United Kingdom, South Korea, Taiwan, France, the United States, and Germany, showcasing TotalEnergies’ global commitment to sustainable energy solutions.

The completion of this transaction, subject to governmental and regulatory approvals, is poised to fortify TotalEnergies’ and PTTEP’s positions as leaders in the renewable energy sector, driving sustainable development and clean energy solutions for a greener future.

  PTTEP, renewable energy, Scotland, Seagreen Offshore Wind Farm, TotalEnergies