Spanish oil and gas company Repsol has announced the sale of its offshore wind power activities in the United Kingdom to SDIC Power of China for €238m.
The sale includes Repsol's 100% stake in the 784 MW Inch Cape project off the Angus coastline in Scotland (49% stake taken over from EDPR in 2015) and its 25% stake in the 588 MW Beatrice offshore wind project. The company expects to complete the sale of the UK assets during the first half of 2016, once the usual conditions in this type of transaction are fulfilled and the necessary regulatory approvals obtained.
The transaction is part of Repsol's 2016-2020 Strategic Plan, which will focus on value-creation, after the completion of the growth phase seen in recent years which culminated with the purchase of Talisman Energy. Repsol targets €6.2bn from the divestment of non-strategic assets between 2016 and 2020.
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