Repsol will sell its offshore wind power business in the United Kingdom to China’s SDIC Power for EUR 238 million, the company reported this morning.
The sale includes the Inch Cape project (100%) and Repsol’s share in the Beatrice project (25%), both of which are located on the east coast of Scotland.
The company said the transaction is part of the its goal to sell non-strategic assets. Repsol plans to obtain EUR 6.2 billion from the divestment of non-strategic assets between 2016 and 2020.
Following today’s agreement, Repsol has finalized divestments worth more than EUR 2.5 billion in the last five months.
The company said it expects to complete the sale of the UK assets during the first half of this year, once the usual conditions in this type of transaction are fulfilled and the necessary regulatory approvals obtained.