SeaEnergy PLC Announces Heads of Terms for Inch Cape Offshore Wind Farm Project

Thursday, Sep 09, 2010

SeaEnergy PLC is pleased to announce that its 80% subsidiary SeaEnergy Renewables Limited (SERL) has agreed a Heads of Terms (HoT) agreement with The Crown Estate for the funding of certain Inch Cape wind farm development activities.

The HoT agreement demonstrates both organisations’ ongoing commitment to the project, which is important to the delivery of Scottish Territorial Waters leasing round capacity and therefore to the UK in terms of the delivery of the Offshore Wind Energy Programme.

The HoT agreement states that The Crown Estate will directly invest up to £1.4 million in key surveys and reports, including scoping reports, geophysical surveys and bird and mammal surveys, which will be directly contracted and managed by SERL. The Crown Estate and SERL will now seek to finalise a formal development agreement in respect of these arrangements.

The Inch Cape site was awarded to a consortium comprised of RWE npower renewables (npower) and SeaEnergy Renewables Limited in February 2009 as a part of the Scottish Territorial Waters leasing round conducted by The Crown Estate in association with the Scottish Government.

Following the site award, the consortium entered into an Exclusivity Agreement with The Crown Estate providing exclusive rights to enter into an Agreement for Lease once the Scottish Government had concluded the Strategic Environmental Assessment process. npower notified SERL and The Crown Estate earlier this year of its desire to exit the Inch Cape project. This was due to the considerable size of its other onshore and offshore renewable generation commitments.

SERL CEO Joel Staadecker said: “We are delighted that The Crown Estate shares our commitment to the Inch Cape offshore wind farm and look forward to concluding the formal development agreement.”

Source: SeaEnergy