SSE sells stake in power transmission business for $1.78 B
SSE has announced the sale of a 25 % stake in its power transmission business to Canada's Ontario Teachers' Pension Plan Board for $1.78 B (£1.47 B).
Image source: RTE
UK: SSE has announced the sale of a 25 % stake in its power transmission business to Canada’s Ontario Teachers’ Pension Plan Board for $1.78 B (£1.47 B).
The stake sale is part of the British power generator and network operator’s efforts to cut greenhouse gas emissions.
The stake sale of SSEN Transmission is part of a plan SSE outlined last November when it pledged to invest $1.25 B (£12.5 B) in clean energy projects.
So far, SSE has sold a 33.3 % stake in gas distribution operator Scotia Gas Networks for nearly $1.56 B (£1.29 B) as part of a bid to focus on renewable power and networks.
“With significant growth forecast in transmission, bringing in Ontario Teachers’ as a minority stake partner will help fund our ambitious investment plans as we continue to deliver a network for net zero emissions across the north of Scotland,” said SSEN Transmission Managing Director Rob McDonald.
SSE has said it will expand its renewable power capacity five fold to 50 TWh a year by 2031.
SSEN Transmission, which operates under its licensed entity Scottish Hydro Electric Transmission, will be chaired by SSE’s finance director, Gregor Alexander, and Ontario Teachers’ will get proportional representation on the board, SSE has annouced.
Source: RTE
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