Scotland-based Ramco Energy Becomes SeaEnergy

Ramco Energy, based in Scotland, announced recently that it would no longer operate as a gas and oil company but would shift entirely to offshore renewable wind energy. The shift will make Ramco Energy the first publicly-owned UK energy company to operate solely in energy harnessed from renewables.

The company has been based in gas and oil discovery for the past 33 years and the announcement will end that long history transferring the company’s experience to the increasing promises of the offshore wind energy market. The company’s new stance will be to develop and research potential sites for offshore wind farms and then to construct and operate those farms.

In anticipation for the switch the company has been renamed, SeaEnergy, and has already received GBP 5 million from Lanstead, as well as an anticipated GBP 2.5 million to be received from an already existing investor. The last segment of funding is subject to the company’s shareholder approval. 

Ramco, which will now operate as SeaEnergy, said it would use the GBP 7.5 million funding to begin developing their offshore wind projects immediately with an already proposed project called Sea Energy Renewables. The project consists of a 920 MW offshore project in Beatrice which would partner with RWE npower’s ongoing project, a 905 MW Inch Cape farm in a joint venture.

Ramco currently owns the majority of shares in Sea Energy Renewables, maintaining 11.87 percent owned by the Sea Energy Renewables team alone, Additionally Ramco is expected to give another 8 percent to the team, so that the deal will be split 80 to 20. 

Ramco will sell their oil and gas assets when they begin shifting to 100 percent offshore wind operations and is expected to use the revenue from the assets to buy back their 20 percent sold to the team running Sea Energy Renewables sometime next year.