The management behind SeaEnergy, the former oil business turned offshore wind energy developer, is seeking buyers for its 80% stake in subsidiary SeaEnergy Renewables Limited (SERL).
SERL, the part of SeaEnergy’s business directly concerned with offshore wind, has net interests in 781MW in three separate offshore wind farm sites in the UK as well as the potential for a further 425MW in the Far East. SERL has partnerships with EDP Renováveis, Scottish and Southern Electricity and Taiwan Generations Corporation.
SeaEnergy has appointed the Renewable Energy Group of Ernst & Young as adviser to coordinate the sales process of its interest in SERL.
“In an equity market which does not yet appreciate the huge opportunities afforded by offshore wind, we have chosen to create our own equity for future investments in the sector by crystallising the value we have created in our SERL subsidiary,” said Steven Bertram, SeaEnergy’s managing director.
Shares in the Alternative Investment Market-quoted firm ended June at 18p each, down 47% from the start of the month.
12 month high/low: 81p/16.25p
Market cap: £12.4m
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