04 Jun Total gives lift off to 1075MW Scottish wind project with majority investment
SSE Renewables has reached financial close on the 1075MW Seagreen offshore wind project off the coast of Scotland after reaching a deal with Total for a 51% stake in the venture.
The clean energy developer will sell the shareholding to French energy major Total for an initial £70 million, along with an equivalent stake in a potential extension opportunity at the site of up to 360MW.
SSE will continue to lead on the development and construction of Seagreen, which will require a total spend of around £3 billion including offshore transmission capex of around £500 million.
“Following the agreement with Total we are looking forward to delivering the Seagreen offshore wind farm which will contribute towards building a cleaner, more resilient economy as we pursue a green recovery from coronavirus,” said SSE managing director Jim Smith.
Construction is set to commence next year ahead of completion in 2022/23, when Seagreen will become Scotland’s single largest source of renewable energy, powering over one million homes and offsetting 1.6 million tonnes of carbon emissions each year.
“The UK has invested more in offshore wind than any other country, is home to the world’s largest wind farms, and already supplies 10% of UK electricity demand – a figure we expect to double by the middle of the decade,” said the UK’s Minister for Energy and Clean Growth Kwasi Kwarteng.