Due Diligence for TOTAL of OWF Seagreen Scotland, UK
Due Diligence for client's offshore wind power investments
SSE was selling a 49% share of the 1.1 GW Seagreeen Offshore Wind project in Scotland. Only 454 MW of this has secured a CfD subsidy contract, with the remainder being developed as an unsubsidized merchant wind farm.
Consulting services provided by AFRY
- We provided buy-side commercial and regulatory Due Diligence.
- We ran Total’s in-house gas and carbon assumptions through BID3 to derive a bespoke price scenario.
- Particular issues for Scottish projects, such as risk of curtailment, high network charges, and opportunity for constraint management revenues, were also assessed.
Results and value added
The 1,140 MW project reached simultaneously a final investment decision and financial close, while the purchase agreement also covers a potential extension opportunity of up to 360 MW.
Once completed, it will be Scotland’s largest offshore wind farm, and one the first offshore wind farms partly implemented on purely merchant basis.
Client: TOTAL SA, France