Seagreen Sells Transmission Assets in Major Offshore Wind Deal
Deal News | Mar 12, 2025 | Orrick
Seagreen Wind Energy Limited (SWEL), a joint venture between SSE Renewables, TotalEnergies, and PTTEP, has completed the sale of the transmission assets of the Seagreen Phase 1 offshore wind farm to Seagreen Phase 1 OFTO Project Limited, a consortium of Equitix and Kyuden. Seagreen Phase 1, noted for being the world's deepest fixed-bottom and Scotland's largest offshore wind facility, features 114 turbines with a capacity of 1,075 MW and can supply renewable energy to around 1.6 million homes. The assets sold include the onshore substation, subsea, and onshore export cables, and offshore substation, valued at approximately £600 million. The transaction was carried out under the UK's OFTO regime, with Seagreen Phase 1 OFTO Project Limited selected following a competitive tender. Orrick advised SWEL on this transaction, with a multidisciplinary team led by partner Ravinder Sandhu.
Sectors
- Renewable Energy
- Legal Advisory
Geography
- United Kingdom – The transaction involves a significant offshore wind farm located off the Angus coast in the North Sea, part of the UK's extensive renewable energy initiatives.
- Scotland – The Seagreen Phase 1 offshore wind farm is located in Scotland, highlighting its significance in the region's renewable energy development.
Industry
- Renewable Energy – The article focuses on the sale of transmission assets in an offshore wind farm, a significant component of the renewable energy sector.
- Legal Advisory – Orrick's role in advising the transaction highlights the legal advisory industry's importance in facilitating complex financial and infrastructure deals.
Financials
- £600 million – Approximate value of the transmission assets sold in the transaction.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Seagreen Wind Energy Limited | Target Company | Company | A joint venture company owning the Seagreen Phase 1 offshore wind farm, whose transmission assets were sold. |
| SSE Renewables | Shareholder in SWEL | Company | Holds a 49% stake in Seagreen Wind Energy Limited. |
| TotalEnergies | Shareholder in SWEL | Company | Holds a 25.5% stake in Seagreen Wind Energy Limited. |
| PTTEP | Shareholder in SWEL | Company | Holds a 25.5% stake in Seagreen Wind Energy Limited. |
| Seagreen Phase 1 OFTO Project Limited | Bidding Company | Company | A consortium of Equitix and Kyuden, selected as the purchaser of the transmission assets. |
| Equitix | Consortium Member | Company | Part of the consortium purchasing the transmission assets. |
| Kyuden | Consortium Member | Company | Part of the consortium purchasing the transmission assets. |
| Orrick | Legal Advisor | Company | Advised Seagreen Wind Energy Limited on the sale of its transmission assets. |
| Ofgem | Regulatory Body | Government | Conducted the competitive tender process for the sale of the transmission assets. |