Total has entered into an agreement with SSE Renewables, to acquire a 51% stake in the Seagreen 1 offshore wind farm project for an upfront payment at closing of £ 70 million and earn-outs up to £ 60 million in aggregate subject to performance conditions.
Seagreen 1, a 1,140 megawatts (MW) project comprising around 114 wind turbines, has reached simultaneously a final investment decision and financial close.
The purchase agreement also covers a potential extension opportunity of up to 360 MW, said Total.
Located 27 kilometers from the coastline in Scottish waters of UK North Sea, Seagreen 1 has secured all necessary major permits and onshore construction began in Q1 2020.
Upon completion, it will be Scotland’s largest offshore wind farm.