PTTEP has successfully achieved another milestone in its clean energy expansion by acquiring a 25.5% stake in the Seagreen Offshore Wind Farm, the largest offshore wind farm in Scotland, with an investment of approximately GBP 522 million. This investment immediately generates revenue for the company and paves the way for potential joint development of other clean energy projects with world leading energy companies in the future.

Montri Rawanchaikul, Chief Executive Officer of PTT Exploration and Production Public Company Limited (PTTEP), disclosed that FutureTech SG Pte. Ltd. (FSG), a subsidiary of PTTEP, has signed a Sale and Purchase Agreement to acquire a 50% stake in TotalEnergies Renewables Seagreen Holdco (TERSH) from the TotalEnergies SE group. TERSH holds a 51% stake in the Seagreen Offshore Wind Farm project, Scotland's largest offshore wind farm. The investment is valued at approximately GBP 522 million (equivalent to approximately USD 689 million or THB 24,015 million).

Following completion of the transaction, FSG will hold an indirect stake of 25.5% in the Seagreen Offshore Wind Farm project according to its investment proportion.

The Seagreen Offshore Wind Farm is located in the North Sea, an area with high wind resource potential, approximately 27 kilometers off the coast of Angus, Scotland. The project commenced commercial operations in October 2023 with a total power generating capacity of approximately 1.1 gigawatts (GW). It is operated by SSE Renewables Services (UK) Ltd (SSE), which holds a 49% stake. Both SSE and TotalEnergies SE are globally leading developers and operators of renewable energy, possesses exceptional capabilities and experience in project management and development, making them valuable strategic partners for PTTEP. The Seagreen Offshore Wind Farm is expected to generate electricity continuously, aligning with the UK's increasing electricity demand in the future. Power generation from this project is estimated to help reduce greenhouse gas emissions by up to 2 million tonnes per year compared to electricity generation from fossil fuels.

“Securing a stake in the Seagreen Offshore Wind Farm is a major step for PTTEP as we expand our investment portfolio into high-growth clean energy businesses, in line with our strategy to invest in new businesses for energy transition. PTTEP will leverage our existing offshore project management expertise and collaborate with our long-standing E&P partner to co-develop the project. At the same time, this venture will allow PTTEP to gain valuable experience in offshore renewable energy development, preparing us for future clean energy projects. Furthermore, this project carries low risk as it has already commenced commercial operations, generating immediate revenue, and is located in a country with a clear and supportive policy framework for renewable energy,” said Mr. Montri.

In addition to this investment, PTTEP has signed a Memorandum of Understanding (MoU) with TotalEnergies to expand their collaboration in offshore wind energy and explore other clean energy investment opportunities. This partnership will also facilitate the exchange of experiences and knowledge to foster mutual business growth in the future.

FSG is owned by FutureTech Energy Ventures Company Limited (FTEV), a subsidiary of PTTEP. FTEV focuses on clean energy businesses such as renewables and hydrogen to support the energy transition and sustainable growth. Previously, FTEV took part in a joint venture to develop a large-scale green hydrogen production project in the Sultanate of Oman, which will utilize electricity generated from solar and wind power. Additionally, FTEV developed the “Lan Saeng Arun” solar power project to supply electricity for petroleum production at the S1 Project in Thailand.