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Renewable energy partnership
Plans for a new partnership between two of Europe's leading energy companies to develop up to 2.4 Gigawatts (GW) of offshore wind projects in Scottish waters was welcomed by First Minister Alex Salmond today.
Spain's largest oil company, Repsol, and Portugal's EDP Renováveis (EDPR) confirmed plans for a joint venture following the Spanish company's purchase of SeaEnergy Renewables Ltd (SERL) - the offshore wind unit of Aberdeen-based SeaEnergy Plc - which was announced to the stock exchange this morning.
Repsol's acquisition of SERL, which is subject to approval by SeaEnergy PLC shareholders, will represent the entry of another major European energy company into Scotland's burgeoning offshore renewables sector.
Under its agreement with EDPR, Repsol will hold a 33 per cent stake in Moray Offshore Wind Ltd and 51 per cent of Inch Cape Offshore Wind Ltd. Repsol will also now own a 25 per cent stake in the Beatrice offshore wind development, in which Scottish and Southern Energy Renewables holds the remainder.
The First Minister said:
"Today's announcement of a joint venture involving two of Europe's major energy companies is a massive vote of confidence in Scotland's offshore wind sector and in the significant opportunities that are available for leading utilities and developers.
"Repsol's purchase of SeaEnergy Renewables is also testament to the strength of Scottish companies who have helped position us as a global leader in offshore wind. SeaEnergy, which is now focusing on its existing assets, including its marine renewables services business and oil & gas interests, is an example of a company now reaping the rewards of decisive and early leadership in a developing industry sector.
"With around a quarter of Europe's offshore wind energy potential, Scotland is uniquely positioned to develop this exciting industry and major companies like Doosan, Gamesa and Mitsubishi have already announced plans to develop their offshore wind interests here. Working with our public sector partners and with industry, the Scottish Government remains determined to ensure the industry continues its rapid growth as we work towards our target of generating the equivalent of 100 per cent of electricity demand from renewables by 2020."