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Repsol to sell offshore wind power business in UK

CTBR Staff Writer Published 26 February 2016

Repsol has agreed to sell its offshore wind power business in the UK to SDIC Power of China for €238m.

Repsol said the agreement will generate a post-tax capital gain of €109m. The sale is part of the company's to dispose non-strategic assets.

The sale includes the Inch Cape project and Repsol's share in the Beatrice project, both of which are situated on the east coast of Scotland.

Repsol said the active management of its portfolio of assets is one of the important strategic lines of action outlined in the 2016-2020 strategic plan.

The focus is mainly on value-creation, following the completion of the growth phase observed in the recent years which culminated with the purchase of Talisman Energy.

The adaptability of Repsol's portfolio will allow the company to obtain €6.2bnfrom the divestment of non-strategic assets between 2016 and 2020.

With the latest agreement, Repsol finalized divestments which are worth over €2.5bn in the recent months.

Repsol expects to close the sale of the UK assets by the first half of this year, once the regular conditions in this type of transaction are fulfilled and the necessary regulatory approvals are obtained.