TotalEnergies is weighing a sale of part of its stake in Scotland’s largest offshore wind farm, people with knowledge of the matter said.
The French energy group is working with an adviser on the sale of a roughly 25% holding in Seagreen Wind Energy, a joint venture it runs with SSE renewables arm, according to the people.
The stake could fetch hundreds of millions of dollars, they said.
Seagreen is a £3 billion ($3.6 billion) project to create the world’s deepest fixed bottom offshore wind farm. The UK has some of Europe’s best wind conditions and the most turbines deployed at sea, where gusts tend to be stronger and more consistent. In June, the 114th and final wind turbine was installed at Seagreen, which will be capable of generating enough electricity to power more than 1.6 million UK homes.
Paris-listed TotalEnergies (XPAR:TTE) owns 51% of the venture, with the rest held by SSE.
Like other energy companies, TotalEnergies has said part of its strategy is to divest stakes in renewable projects once the risky construction phase is complete. Seagreen has the capacity for an additional 36 turbines.
TotalEnergies has been gauging interest from potential investors in Asia and Europe including Dublin-based Greencoat Renewables, the people said. SSE may also decide to sell down some of its holding in Seagreen, one of the people said, asking not to be identified discussing confidential information.
Deliberations are ongoing and there’s no certainty they’ll result in any sales, the people said. Representatives for SSE, TotalEnergies and Greencoat declined to comment.