Under the terms of the deal, Repsol will divest 100% stake in the 784MW Inch Cape project and 25% stake in the 588MW Beatrice project. The two projects are located on the east coast of Scotland.
The sale is a part of the company’s effort to divest non-strategic assets and raise €6.2bn between 2016 and 2020.
In October 2014, a joint venture company between Repsol Nuevas Energías UK and EDP Renewables UK secured consent to develop the Inch Cape offshore wind farm and associated offshore transmission works.
Featuring 110 turbines, the Inch Cape project is designed to generate more than 2,000GWh of clean electricity annually.
The Beatrice offshore wind project is also owned by utility SSE and Copenhagen Infrastructure Partners (CIP) with 40% and 35% stakes, respectively.
Consented by Marine Scotland in March 2014, the project was granted an investment contract by the UK government in May 2014.
The Beatrice project is expected to generate clean electricity required to power approximately 477,610 homes.
Repsol, which finalized divestments worth more than €2.5bn in the last five months, expects to generate a post-tax capital gain of €109m.
The company plans to complete the UK assets sale during the first half of 2016 upon securing necessary regulatory approvals.
