Ramco Energy plc, the Aberdeen based energy investment company, provides an update on SeaEnergy Renewables Limited (“SeaEnergy”), its 88% owned subsidiary, which has made significant progress since its launch just four months ago.
Highlights:
• Scottish Territorial Water Offshore Windfarm bids submitted
• Heads of Terms for joint venture signed with Airtricity
• SeaEnergy holds a 25% participation interest in the Joint Venture
• Appointment of David Sigsworth as Non-Executive Director of SeaEnergy
• Royal Bank of Canada (“RBC”) appointed as financial adviser engaged in assisting SeaEnergy in its funding requirements
SeaEnergy has signed Heads of Terms to form a joint venture with Airtricity, a subsidiary of Scottish and Southern Energy plc (“SSE”). Through the joint venture with Airtricity, SeaEnergy has recently applied for offshore wind farm acreage pursuant to the Crown Estate’s Offshore Windfarm Development within Scottish Territorial Waters. SeaEnergy has also applied for further acreage in this licensing round with another partner. The results of this round are expected to be announced by the Crown Estates by 31st December 2008.
Ramco also confirms the appointment today of David Sigsworth as a non-executive director of SeaEnergy. After spending over ten years as a main board director of FTSE 100 utility companies he retired in March 2005 following a career spanning 43 years in the energy sector. David held several appointments in Yorkshire Electricity Board before joining the North of Scotland Hydro Electric Board in 1987. He was appointed as Commercial Director of Scottish Hydro Electric plc in January 1995 and subsequently held several positions on the board of SSE.
During the latter part of his career, David had responsibility for all of SSE’s environmental issues and managed one of the largest and most diverse generation fleets in the UK with over 10,000 MW of plant. He was also responsible for a £1bn programme of investments in renewable generation technologies. Projects included a large new hydro scheme on Loch Ness, tidal stream developments, various micro-generation systems as well as major on and offshore wind farms including the deepwater Beatrice Wind Farm Project in the Moray Firth. During this period David was also a director of Solarcentury Ltd, one of the UK’s most successful downstream solar businesses.
David is now active in promoting high technology start–up companies, involved in the renewable and sustainable energy markets, and holds several associated non-executive directorships. He is also Chairman of Sigma Capital Group plc, Chairman of the Scottish Environment Protection Agency, Chairman of the Dundee Science Centre, Vice President of the Combined Heat and Power Association (CHPA), a board member of Energy Action Scotland, a member of the Advisory Boards of ITI Energy and the New and Renewable Energy Centre (NaREC), as well as a trustee of the think tank Sustainability First.
David has a degree in electrical engineering, is a Chartered Engineer, a Fellow of The Royal Society of Arts and a Professor at the University of Dundee.
In addition to David’s appointment, SeaEnergy recently confirmed that it had appointed RBC as its financial adviser. RBC Capital Markets is ranked among the top 15 global investment banks and over the past five years has been one of the leading advisers in the European Renewable Energy market.
Steve Remp, Chairman of Ramco, said:
“The SeaEnergy team have achieved a great deal in a relatively short space of time. We are delighted to be working alongside a leading utility such as SSE.
We are also delighted to welcome someone of David’s calibre to the SeaEnergy board. He has an unrivalled wealth of experience and expertise which will be invaluable to the Company going forward. We look forward to working with him.”
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