French oil and gas company TotalEnergies (TTEF.PA) said on Thursday it would sell a 25.5% stake in the Seagreen wind farm offshore Scotland to Thailand's PTT Exploration and Production (PTTEP) (PTTEP.BK) for 522 million pounds ($661.4 million).

"This transaction is a new milestone in the implementation of our transition strategy and will contribute to reaching our 12% profitability target in Integrated Power business," said Patrick Pouyanne, Chairman and CEO of TotalEnergies.

TotalEnergies and Thai oil and gas giant PTTEP will each hold 25.5% of Seagreen, with SSE Renewables owning 49%.

The two companies have also signed a Memorandum of Understanding to explore joint opportunities.

"PTTEP is also very delighted to extend its partnership and collaboration with TotalEnergies in offshore wind as well as other potential renewable energy," said PTTEP CEO Montri Rawanchaikul.

Seagreen is the world's deepest fixed bottom wind farm, with its 114 turbines in the North Sea providing 1,075 MW of total capacity. It has been operational since October 2023.

by reuters