After institutions affronted attempts to increase the funding, the Aberdeen-based firm ascertained to put its offshore wind farm subsidiary up for sale.

The Sea Energy Renewables Limited subsidiary showed curiosity in three wind farm projects that are off Scotland.

Steve Remp, the oil and gas veteran "This is a business that needs deep pockets and we had hoped we could stay with it ... but we've tested the market and institutional investors are just not ready for it".

Concerns regarding the costs involved in developing offshore wind farms may get reinforced after the comments. There is a strong possibility that the hopes that wind farms, might soon offer a noteworthy source of renewable energy for Scotland are impractical.

Licenses have been awarded by the Crown Estate, stating that Scottish Government avers could power Scotland, twice over. It would in totality need £30bn investment in total.

A Scottish Government spokesman however, believes that with such massive potential, investors are ruthless to recognize and hold up profitable low-carbon projects and expertise.

SeaEnergy just found out that that fund managers are unwilling to consign to projects which involve bulky capital disbursement up front but could take years to bring a return.

The Company's achievement in endearing licenses for wind farms anyhow did not result in upshot increases in its market capitalization.

Shares stopped up down 9.25p at 26.25p, leaving the firm with a marketplace capitalization of £18m.