Renewable energy developer SeaEnergy (LON:SEA) saw its shares tumble by 20% to 28.25p today on news that it is looking to sell its 80%-owned SeaEnergy Renewables Ltd (SERL) business. The group reported a loss for the year of £6.5m, a 91% increase on its 2008 loss of £3.4m. The result included impairment provisions of £4.1m. Operating loses came in at £1.91m versus the previous £3.01m and its cash position at the end of 2009 was £2.8m, up from £1.1m.
Chairman Steve Remp said: "Offshore wind continues to present an exciting and attractive proposition for shareholders. However, our recent discussions with the capital markets have highlighted the tough financing environment. Therefore, in order to maximise value for our shareholders, we have come to the decision to dispose of our majority interest in our subsidiary business, SERL."
With its partner EDP Renováveis, SERL was awarded a 1,300 MW offshore wind farm site at Moray Firth by the Crown Estate as part of UK Round 3. Remp said this showed the business's ability to develop major projects. "We believe this makes SERL an attractive proposition for prospective buyers and we have already seen interest from a number of third parties over the past year," he said.
Selling SERL would allow the group to focus on developing its Marine Services business, which was able to generate earnings and cash-flow quickly.
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