UK-based oil and gas company Ramco Energy is to sell off its interest in Iraqi oil to focus on renewable energy, the company has revealed.
The AIM-listed group, which has been trying to do business in both segments, will become SeaEnergy and the first publicly quoted offshore wind specialist.
Ramco said that it was moving out of oil because it needed funding to develop its wind farms.
The company said that it had been unable to raise money from green investors reluctant to invest in a company that also operates across the oil and gas sector.
The group has secured the funding it needs for the next phase of its renewables strategy from Lanstead, which will invest £7.5m in the group at £0.55 a share, making it a 22% shareholder.