Interim Development Agreement for Inch Cape Offshore Wind Farm Project (UK)

SeaEnergy PLC is pleased to announce that its 80% subsidiary SeaEnergy Renewables Limited (SERL) has signed an Interim Development Agreement (IDA) with The Crown Estate regarding certain Inch Cape wind farm development activities.

The IDA formalises the Heads of Terms agreement announced in September 2010, stating that The Crown Estate will directly invest up to £1.4 million in key surveys and reports for the Inch Cape project, which will be directly contracted and managed by SERL.

SeaEnergy PLC

SeaEnergy PLC is the only listed pure play offshore wind energy company in the UK. SeaEnergy Renewables Limited (SERL) is a subsidiary of the Company and is made up of the team which conceived, developed and delivered the world’s first deep water wind farm development – the Beatrice Demonstrator offshore wind farm (10MW) (the “Beatrice Demonstrator Project”) which is owned and operated by Talisman Energy. The Beatrice Demonstrator Project involved the installation of the two largest wind turbines (5MW each) ever deployed offshore, at water depths of 45 metres. This, combined with the SERL team’s expertise in delivering deep water offshore developments in the oil and gas industry, puts SeaEnergy in an unrivalled position at the vanguard of the emerging offshore renewables industry.

Prior to the UK Round 3 award SeaEnergy had secured a 25% interest in two Scottish offshore wind farm sites, Beatrice and Inch Cape. The award of Zone 1 in the UK Round 3 leasing programme with partners EDP Renováveis takes SeaEnergy’s net capacity in the UK to over 781MW. SeaEnergy has also signed a Heads of Terms Agreement to develop offshore wind farms in Taiwan with Taiwan Generations Corporation and a Strategic Cooperation Agreement with Nantong COSCO Ship Steel Structure Co. Ltd (NCSC) to develop and market steel structures for the offshore wind industry.

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Source: seaenergy-plc, December 16, 2010