Scotland-based Ramco Energy said it would get rid of its oil and gas industry to switch its attention over to renewable energy sources such as offshore winds.
Ramco said the offshore wind operations would make UK’s first publicly quoted pure-play offshore wind company.
According to the company, offshore wind provides great opportunities for generating energy.
Executive chairman of Ramco Energy, Stephen Remp, said, “The offshore wind opportunity is truly enormous, with over £130bn pounds of investment envisaged over the next 11 years through the Scottish and UK offshore rounds.”
Funding has been secured from Lanstead to provide £7.5 million working capital, in a move that will make Lanstead 22 per cent shareholder in the group.
Ramco Energy reported a loss of £2.5 million for the first six-month period of 2009, up from £1.2 million loss in the first six months of 2008.
In the recent trading, shares in Ramco dropped to 52p, losing 3.70 per cent.