Total buys 51% stake in UK wind farm – The National

Total buys 51% stake in UK wind farm – The National

The investment will be Total's first significant foray into offshore wind as it seeks to expand its green energy business. French oil company Total has bought a 51 per cent stake from utility SSE in the development of a massive wind farm off the coast of Scotland.. As European countries increasingly turn to wind farms at sea to deliver low-carbon power, the project is a first step for the oil major to become a significant player in the industry.. "It could be the perfect project for exposure to evolving offshore wind projects," said Tom Harries, a wind analyst at BloombergNEF. ". Total was advised by RBC Capital Markets.. Seagreen will be the first offshore wind farm in the UK that doesn't have full government support.. Total now has stakes in 5 gigawatts of renewable-power capacity.. Designed to cover the energy needs of around 1 million homes, the project will be completed by 2023.. The purchase agreement also includes a potential extension to capacity of up to 360MW.. MHI Vestas Offshore Wind A/S will deliver 114 10-megawatt turbines for the project..