SeaEnergy selling windfarm business for £30.7 million
SeaEnergy (LON:SEA) said this morning that it is selling its 80.13 per cent stake in the SeaEnergy Renewables Limited windfarms business for £30.7 million to a subsidiary of Spanish oil giant Repsol.
The deal with Repsol Nuevas Energias will also see the AIM-listed group recover the £8.1 million invested in the business.
It means SeaEnergy will be left with £29.1 million after repaying loans to the LC Capital Master Fund.
Chairman Steve Remp said: "This deal shows how SeaEnergy uses early mover advantage to create value from new opportunities.
"We created a business out of nothing but a concept, and three years later it has been valued at £50m.
"The time is right for us to capitalise on this success.
"This deal allows us to continue to participate in the fast-growing UK and European offshore wind markets, and to build on our enviable track record of working with some of the world's biggest companies.
"We believe that our nascent Marine business has a unique vessel concept that will make a material difference to the commercial economics of offshore wind.
"We look forward to pursuing this exciting opportunity, and to seeking out other projects to leverage our expertise."
The remaining shares held by SERL's management will also be acquired by Repsol. SERL has an interest in three off-shore windfarms. The Spanish firm is teaming up with with EDP Renováveis to develop a further two projects.
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