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16 Mar 2009 08:00
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Ramco Energy plcΒ
SeaEnergy RenewablesΒ LimitedΒ - Operational Update
Aberdeen,Β ScotlandΒ -Β 16 March 2009:
RamcoΒ Energy plc ("Ramco" or the "Company"),Β theΒ AberdeenΒ basedΒ energyΒ investmentΒ company,Β is pleased to provide an update on SeaEnergy Renewables Limited ("SeaEnergy"), its 80% owned subsidiary.
Highlights:
Formation of consortium for UK RoundΒ 3Β withΒ EDPΒ Renewables SAΒ ("EDPR")
EDPR are the world's fourth largest wind energy company
UK Round 3Β Offshore WindΒ farm bids submittedΒ
Appointment of Dan FinchΒ asΒ ExecutiveΒ Director of SeaEnergy
EDPR, the world's fourth largest wind energy company, and SeaEnergy,, the Scottish based marine renewables development company,Β announcedΒ today,Β at theΒ European Wind Energy Conference and ExhibitionΒ in Marseille,Β the formation of a consortium, which has submitted bids to The Crown Estate in the third offshore wind farm leasing round in theΒ UKΒ ("UK Round 3").
EDPR is part ofΒ theΒ EDPΒ Group,Β Portugal's largest industrial group and one ofΒ Europe's main energy companies. EDPR's installed capacity increased four-fold between 2005 and 2007, placing the Company among the top three in the world in terms of industry growth.Β
SeaEnergy was formedΒ by Ramco in June 2008,Β around the Beatrice Wind Farm Demonstrator Project team, whichΒ developed the world's first deep water offshore wind farm, and brings together decades of experience and expertise in both the offshore oil and gas and utility sectors. Most recently, SeaEnergy was awarded Exclusivity Agreements by The Crown Estate covering two offshore wind farm sites in Scottish territorial waters.Β The first site isΒ Beatrice Offshore WindΒ FarmΒ which is 9 miles off the east coast ofΒ ScotlandΒ in theΒ Moray Firth. The site is expected to haveΒ an installed capacity ofΒ circa 920 MW.Β Scottish and Southern EnergyΒ plcΒ ("SSE"),Β subsidiary,Β AirtricityΒ Holdings (UK) LimitedΒ hasΒ a 75% in the project with SeaEnergy having the remaining 25% interest. The second site is theΒ InchΒ CapeΒ OffshoreΒ WindΒ Farm. This is located 10 miles off the east coast ofΒ ScotlandΒ in the Outer Tay Estuary. This site is expected toΒ have an installed capacity ofΒ approximately 905 MW. The partners in this site areΒ RWEΒ npower renewablesΒ LimitedΒ with 75% and SeaEnergy with 25%. SeaEnergy's combined interest in both projects equates to circa 456.25 MW, nearly half the Company's five year target of 1GW.
SeaEnergy hasΒ also announced the appointment of Dan Finch to the SeaEnergy board as Development Director, Dan played a pivotal role inΒ SeaEnergy'sΒ successful bid submissions in the ScottishΒ wind farm leasing round and has led SeaEnergy's bid team in the UK Round 3 programme.
DanΒ (46)Β had a long career with SSEΒ before joining SeaEnergyΒ on its foundation last year. Most recently, Mr. Finch held positions as Manager ofΒ on-shoreΒ WindΒ Farm constructionΒ projects andΒ subsequentlyΒ asΒ Offshore Wind Construction Manager at SSE.Β Previously he had been both a Maintenance Engineer and OperationsΒ ManagerΒ inΒ SSE's Hydro Generation Groups. Earlier in his career Mr. Finch worked for ScottishΒ Hydro Electric and for the Ministry of Defence. In 2005 SSEΒ seconded Mr. Finch to the Beatrice Wind FarmΒ DemonstratorΒ ProjectΒ to act in the capacity of Offshore Wind Development Manager. On the Beatrice Wind FarmΒ project teamΒ Mr. Finch was responsible for all power generation aspects including the 5MW turbines and all electrical power distribution infrastructure. In addition to his extensive technical background in power generation Mr. Finch holds an MBA degree fromΒ StrathclydeΒ GraduateΒ BusinessΒ School.
This appointment takes place with immediate effect.
Steve Remp, Chairman of Ramco, said:Β
"I believe the combination of EDPR's financial strength and global windΒ industryΒ experience withΒ SeaEnergy's proven track record installing turbines in deep water,Β provides the consortium withΒ theΒ credentials necessary for success in theΒ UKΒ Round 3 programme. I am also pleased to have DanΒ FinchΒ join the SeaEnergy board.Β His hard work and experience haveΒ been critical to the successΒ SeaEnergy hasΒ achieved to-date."
16 March 2009
ENQUIRIES:
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Ramco Energy plcΒ |
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Steven Bertram |
Managing Director |
01224 748480 |
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Ambrian Partners |
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Andrew Craig / Richard Swindells |
020 7634 4700 |
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College HillΒ |
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Nick ElwesΒ |
020 7457 2020 |
www.ramco-plc.com
www.seaenergyrenewables.com
Notes to Editors:
SeaEnergy
SeaEnergy was established by its management team and Ramco Energy plc to exploit the global opportunities for large scale offshore wind farm development. The SeaEnergy team has decades of experience in the offshore oil and gas and power generation industries and most recently completed the Beatrice Wind Farm Demonstrator Project for Talisman Energy and SSE. Ramco is providing the team with corporate and project finance expertise as well as the experience of building and managing large consortia to develop and support projects of the magnitude required for large-scale offshore wind farm developments. SeaEnergy has appointed Royal Bank of Canada Europe Limited as its financial advisers.
The SeaEnergy team, through the Beatrice Wind Farm Demonstrator Project, have delivered a series of "first ever" feats not previously achieved in offshore wind farm development, including:
The first ever use of the world's largest wind turbine (5MW) offshore
The first ever use of a "jacket" subsea structure for an offshore wind turbine
The first ever deployment of a wind turbine in deepwater (45 metres)
The first ever assembly of a turbine, tower, rotor, and blades onshore for installation in one piece offshore
The first ever offshore wind turbine installation from a floating vessel
The development of a safe, reliable ladder-less access system from a specialised vessel
SeaEnergy's goals are:
To be the partner of choice
To be at the forefront in the application of marine renewable technologies
To be the recognised leader in marine renewable energy
To develop a portfolio of 3-5GW in 3-5 years, generating within 10 years
To own net interests of 1GW in 5 years
To create enterprise value of > Β£500million within 5 years
SeaEnergy's strategy is to identify large scale offshore wind farm projects and build consortia to develop and project manage these installations.Β SeaEnergy has already identified a number of potential opportunities which the team are seeking to develop; initially these are expected to be in the EU.
EDPΒ Renewables SAΒ (EDPΒ RenovΓ‘veis)
EDPΒ RenovΓ‘veis isΒ a world leader in the renewable energy sector, operating in the most attractive markets and continuously expanding its business to new areas of the globe. Currently, EDPR is the world's fourth largest wind energy company, having undergone exceptional development in recent years. The installed capacity increased four-fold between 2005 and 2007 placing EDPR among the top three in the world in terms of industry growth.
As of December 2008 EDPR has 5,052 MW of installed wind capacity spread throughoutΒ EuropeΒ andΒ United States. Currently EDPR is active in 6 European countries,Β BrazilΒ andΒ United States. TheΒ USΒ represents 43% of the current total operating wind assets,Β SpainΒ 42%,Β PortugalΒ 11% and the remainder in the Rest of Europe.
TheΒ EDPΒ Group,Β EDPΒ RenovΓ‘veis' major shareholder,Β isΒ Portugal's largest industrial group and one ofΒ Europe's main energy companies. It is currently theΒ Iberian Peninsula's third largest energy operator, holding business interests in the generation, distribution and supply of electricity and gas inΒ PortugalΒ and inΒ Spain. Besides its leadership position on theΒ Iberian Peninsula, theΒ EDPΒ Group also holds a significant position in the Brazilian electricity sector.
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