Breaking News
Investing Pro 0
Cyber Monday SALE: Up to 54% OFF InvestingPro+ CLAIM OFFER

SSE agrees to sell minority stake in electricity transmission network

Stock Markets Nov 25, 2022 03:55AM ET
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters
 
SSE
-0.43%
Add to/Remove from Watchlist
Add to Watchlist
Add Position

Position added successfully to:

Please name your holdings portfolio
 

By Scott Kanowsky 

Investing.com -- SSE PLC (LON:SSE) has agreed to sell a minority holding in its electricity transmission network in Scotland in a deal worth cash proceeds of £1.46 billion (£1 = $1.2112), as the energy company aims to fuel its renewable energy strategy.

The sale will see the Ontario Teachers' Pension Plan Board take a 25% stake in the unit, known as SSEN Transmission.

SSE said the move is part of a wider plan to help accrue the funds needed to deliver around 20% of the U.K.'s offshore wind generation and electricity networks by 2030.

The firm added that the transaction reflects the current value and "significant growth potential" of SSEN Transmission. In the 12 months to March 31, SSEN Transmission posted reported pre-tax profit of £329.8M, while its net assets as of September 30 came in at £2.24B.

"We are delighted to agree a transaction that will help unlock the full potential of our growing electricity transmission business, which remains core to our strategic direction as a clean energy champion specialising in electricity infrastructure," said SSE Finance Director Gregor Alexander in a statement.

Under the terms of the agreement, Perth, Scotland-based SSE will remain majority shareholder in SSEN Transmission and retain control over the managing of the business. Alexander will be the chair of the new board of the unit, while Rob McDonald will continue in his role as managing director.

A new £750M revolving credit facility has also been put in place to back SSEN Transmission's ongoing capital spending program, which SSE says is necessary to support the division's growth plans.

Shares in the FTSE100-listed SSE rose slightly in early trading on Friday.

SSE agrees to sell minority stake in electricity transmission network
 

Related Articles

Airbus may delay some 2023 jet deliveries: sources
Airbus may delay some 2023 jet deliveries: sources By Reuters - Nov 27, 2022

By Tim Hepher PARIS (Reuters) - Airbus is preparing the ground for further delays to planned delivery dates of some medium-haul aircraft in 2023 even as it races to meet delivery...

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with other users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind:  

  •            Enrich the conversation, don’t trash it.

  •           Stay focused and on track. Only post material that’s relevant to the topic being discussed. 

  •           Be respectful. Even negative opinions can be framed positively and diplomatically. Avoid profanity, slander or personal attacks directed at an author or another user. Racism, sexism and other forms of discrimination will not be tolerated.

  • Use standard writing style. Include punctuation and upper and lower cases. Comments that are written in all caps and contain excessive use of symbols will be removed.
  • NOTE: Spam and/or promotional messages and comments containing links will be removed. Phone numbers, email addresses, links to personal or business websites, Skype/Telegram/WhatsApp etc. addresses (including links to groups) will also be removed; self-promotional material or business-related solicitations or PR (ie, contact me for signals/advice etc.), and/or any other comment that contains personal contact specifcs or advertising will be removed as well. In addition, any of the above-mentioned violations may result in suspension of your account.
  • Doxxing. We do not allow any sharing of private or personal contact or other information about any individual or organization. This will result in immediate suspension of the commentor and his or her account.
  • Don’t monopolize the conversation. We appreciate passion and conviction, but we also strongly believe in giving everyone a chance to air their point of view. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Continue with Google
or
Sign up with Email