Spain-based EDP Renovaveis partners with Repsol Nuevas Energias to jointly develop up to 2.4 GW of offshore wind projects in U.K. following Repsol's acquisition of SeaEnergy Renewables, expected to be complete by June 30
June 6, 2011
– EDP Renováveis, SA (“EDPR”) announces today its entry into a partnership with Repsol Nuevas Energias, SA (“Repsol”) to jointly develop up to 2.4 GW of offshore wind projects in the UK. EDPR will lead the partnership with a 60% share in the overall capacity to be developed.
Following Repsol’s acquisition of the entire share capital of SeaEnergy Renewables Limited (“SERL”) from SeaEnergy PLC and SERL’s subsequent restructuring, EDPR will hold the following interests in the various offshore projects:
• 67% of Moray Offshore Wind Limited (“MORL”), previously held at 75% by EDPR and 25% by SERL: MORL is developing up to 1.5 GW at Zone 1 of UK Round 3 offshore wind farm leasing programme conducted by The Crown Estate;
• 49% of Inch Cape Offshore Wind Limited (“Inch Cape”) previously held at 100% by SERL: Inch Cape is developing up to 0.9 GW in the outer Firth of Tay region pursuant to an Agreement for Lease with The Crown Estate under the Scottish Territorial Waters leasing programme.
The acquisition of SERL by Repsol is subject to approval by the shareholders of SeaEnergy PLC and is expected to be completed by 30 June 2011. The full transaction scope is also subject to approval by The Crown Estate.
The MORL and Inch Cape project companies are currently in the process of securing the required consents for their respective offshore wind developments and ancillary infrastructures.
With this new partnership, EDPR increases its pipeline in the offshore wind technology, thereby enlarging and diversifying the company’s long term profitable growth options and balancing its risk, while partnering with Repsol, a 1st class company in the Energy Sector with a strong commitment to develop offshore wind capacity.