French energy giant Total has announced the purchase of a majority stake in a giant Scottish wind farm project.
The North Sea oil and gas firm revealed it has entered into an agreement with developer SSE Renewables to acquire a 51% stake in the Seagreen Offshore Wind Farm project for an upfront payment of £70 million.
It will also provide earn-outs up to £60m in aggregate payments, subject to performance conditions.
The project represents a near-£3 billion global investment for Total and SSE Renewables.
Patrick Pouyanne, chairman and chief executive of Total, said: “Total builds up a strong position in the world’s largest offshore wind market, as it becomes a majority stakeholder in the Seagreen 1 project, one of the largest offshore wind farms in the UK North Sea.”