SeaEnergy Close on Making Sale on Renewable Assets (UK)

SEAENERGY, the Aberdeen-based renewables company, is in the advanced stages of negotiation over the sale of its offshore wind interests.

The company has agreed an extension to a £3.8 million loan facility from major shareholder LC Capital Master Fund to provide more time for a deal over its SeaEnergy Renewables business to be completed.

The deadline for repayment of the loan had been 31 December but it has now been put back to the end of January.

The company stressed there was no certainty that the sale talks will result in a disposal of the business – of which SeaEnergy owns 80 per cent.

In June the firm announced it was seeking a private buyer for SeaEnergy Renewables which holds stakes in offshore projects including Inch Cape in the Outer Tay Estuary, the Beatrice offshore windfarm project off the north-east coast of Scotland and a site in the Moray Firth. In total the three windfarms would provide a capacity of more than 3,000 megawatts.

At the time, the company blamed its decision on the tough financing environment for raising the capital needed to help fund the development of the projects.

Instead the company plans to focus on providing specialist vessels and services to reach offshore windfarms for servicing and maintenance.

It is thought the firm plans to retain a minority stake in SeaEnergy Renewables.

In February the company valued the business at £104m.

[mappress]

Source: business.scotsman, December 27, 2010