News and Announcement

PTTEP makes a strategic investment in the largest offshore wind farm in Scotland, the UK, underscoring its continuous growth into clean energy business

22 Dec 2023

PTTEP is successful in expanding into clean energy business by acquiring a 25.5% stake in the Seagreen Offshore Wind Farm project, the largest offshore wind power plant in Scotland, with total investment worth approximately 522 million Pound Sterling. This strategic investment will generate immediate revenue for the company and pave the way for potential collaborations on clean energy projects with prominent energy companies in the future.

Mr. Montri Rawanchaikul. Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), revealed that FutureTech SG Pte. Ltd. (FSG), a subsidiary of PTTEP, has entered into a Sales and Purchase Agreement (SPA) to acquire a 50% stake in TotalEnergies Renewables Seagreen Holdco (TERSH) from TotalEnergies SE Group worth approximately 522 million Pound Sterling (equivalent to USD 689 million or THB 24,015 million). TERSH has invested in the Seagreen Offshore Wind Farm project, the largest offshore wind power plant in Scotland with a 51% stake. Upon completion of the transaction, FSG will hold an indirect investment in the project at 25.5% proportionately.

The Seagreen Offshore Wind Farm project is located in the North Sea, approximately 27 kilometers off the coast of Scotland, where it harnesses strong wind potential. The project commenced the electricity generation in October 2023 with a total capacity of approximately 1.1 Gigawatt. SSE Renewables Services (UK) Ltd (SSE), a global leading renewable energy company, is the operator and holds a 49% stake. This project serves power demand in the United Kingdom and is expected to displace over 2 million tons of greenhouse gas emissions from electricity generated by fossil fuels annually.

“The successful investment in the Seagreen Offshore Wind Farm project marks a significant step for PTTEP in diversifying into the high-growth potential clean energy sector. This aligns with the company's strategic plan to venture into New Business for Energy Transition. The company will leverage our expertise in E&P offshore project management, building upon existing partnerships to collaborate on the project. Meanwhile, PTTEP will be able to gain valuable experience in offshore renewable energy and be ready for further investments in clean energy business. This investment entails low-level risks as it is in the operational phase, with stable cashflow, works in partnership with global experienced players and is in the country with supportive policies to propel continuous development of the offshore wind market.” Mr. Montri said.

In addition, PTTEP has also signed the Memorandum of Understanding (MoU) with TotalEnergies to extend the cooperation in other potential offshore wind and clean energy investments, and to facilitate the exchange of experiences and knowledge to foster mutual business growth in the future.

FSG is wholly owned by FutureTech Energy Ventures Company Limited (FTEV), a subsidiary of PTTEP that runs the clean energy business including renewable energy and hydrogen, in preparation for the energy transition and sustainable growth. Recently, FTEV has invested in the development of a sizable green hydrogen production project by using wind and solar energy in the Sultanate of Oman, and the development of a solar power project called “Lan Sang Arun” for power generation supplied to petroleum production process at S1 Project in Thailand.

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The information, statements, forecasts and projections contained herein reflect the Company’s current views with respect to future events and financial performance.   These views are based on assumptions subject to various risks.   No assurance is given that these future events will occur, or that the Company’s future assumptions are correct.   Actual results may differ materially from those projected.