30 Jun 2010 07:00
30 June 2010
SeaEnergy PLC
("SeaEnergy" or "the Company")
SeaEnergy PLC has appointed the Renewable Energy Group of Ernst & Young LLP ("EY") as its adviser to coordinate the sale process of its 80% interest in its subsidiary SeaEnergy Renewables Limited ("SERL").
SERL provides a unique growth platform in the offshore wind sector, with an experienced management team and net interests of 781MW in three separate offshore wind farm sites in the UK and the potential for a further 425MW in the Far East. SERL has partnerships with EDPR, SSE and Taiwan Generations Corporation.
Joel Staadecker is stepping down from the SeaEnergy PLC board with immediate effect to focus on his role as CEO of SERL. Steven Bertram, SeaEnergy's Managing Director, will lead the sale process on behalf of the Company.
Steven Bertram said "In an equity market which does not yet appreciate the huge opportunities afforded by offshore wind, we have chosen to create our own equity for future investments in the sector by crystallising the value we have created in our SERL subsidiary."
For further information contact:
| SeaEnergy PLC | +44 1224 748 480 |
| Steven Bertram – Managing Director | |
| | |
| Ambrian Partners Limited – NOMAD & Broker | +44 20 7634 4700 |
| Andrew Craig, Ben Wright | |
| | |
| Kreab Gavin Anderson | +44 20 7074 1800 |
| Ken Cronin, Kate Hill, Andrew Jones | |
www.seaenergy-plc.com
NOTES TO EDITORS
SeaEnergy PLC
SeaEnergy PLC is the only listed pure play offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is an 80% subsidiary of the Company and is made up of the team which conceived, developed and delivered the world's first deep water wind farm development - the Beatrice Demonstrator offshore wind farm (10MW) (the "Beatrice Demonstrator Project") which is owned and operated by Talisman Energy. The Beatrice Demonstrator Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the SERL team's expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.
Prior to the UK Round 3 award SERL had secured a 25% interest in two Scottish offshore farms, Beatrice and Inch Cape. The recent award of UK Round 3 of Zone 1 with partners EDPR takes SERL's net capacity in the UK to over 780MW, SERL has also signed a Heads of Terms Agreement to develop offshore wind farms in Taiwan with Taiwan Generations Corporation.
SERL was voted Rosenblatt New Energy Company of the Year in February 2010.
Ernst & Young - Renewable Energy Group
With a dedicated 65-strong team of international advisors operating from our UK member firm, supported by a network of experienced professionals from our member firms worldwide, Ernst & Young's Renewable Energy Group helps clients to increase value from renewable energy activity. Members of the Group provide advice and services in the following areas:
·; Buy-side and sell-side M&A ·; Capital raising and project finance ·; Financial structuring ·; Valuation and business modelling ·; Transaction support ·; Commercial due diligence ·; Joint venturing and partnerships ·; Refinancing ·; IPO advice ·; Low carbon transformation services ·; Procurement and outsourcing ·; Transaction integration ·; Regulatory and policy reform ·; Strategy review Technologies we cover: ·; Onshore and offshore wind ·; Biomass ·; Biofuels ·; Energy from waste ·; Wave and tidal ·; Solar ·; Fuel cells ·; CHP ·; Landfill gas ·; Hydro ·; Carbon capture and storage