Total has reached an agreement with SSE Renewables to buy a 51%% stake in the 1,140 MW Seagreen 1 offshore wind project, located off the coast of Fife in Scotland (United Kingdom) for an upfront payment at closing of £70m (€79m) and earn-outs up to £60m (€67m). The transaction with Total also includes a potential extension of up to 360 MW. The transaction is expected to be completed by July 2020.
Simultaneously, the project has reached a final investment decision and financial close (FID). Onshore construction has already started and the project is expected to start producing electricity in late 2022. The project is expected to generate around 5 GWh/year of electricity, which corresponds to the power consumption of around one million homes and saving around 2 MtCO2/year. In September 2019, the Seagreen 1 project, was awarded a 15-year Contract for Difference (CfD) for 454 MW (42% of its total capacity) at a strike price of £41.61/MWh (€46.77/MWh) in auction delivery year 2024/25. In addition, around 30% of the project capacities will be contracted under a private CfD with SSE.
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