SSE to sell stake in Clyde windfarm to UKW and GLIL Infrastructure for £67.8m
SSE has entered an agreement to sell a stake in Clyde windfarm to Greencoat UK Wind (UKW) and GLIL Infrastructure (GLIL) for a cash consideration of £67.8m.
Last year, SSE sold a 49.9% share in the 349.6MW Clyde windfarm to UKW and GLIL. As per the latest agreement, UKW and GLIL will purchase a further 5%, which is equivalent to 26.1MW. This deal will take both UKW and GLIL’s stake in the total Clyde development to 35%.
Both UKW and GLIL will also have an option to buy a further 14.9% of shares for £202.2m. This option can be exercised between 1 April 2018 and 30 June 2018. If applied, SSE’s shares will reduce to 50.1%, while UKW and GLIL will own the remaining 49.9%.
SSE Wholesale managing director Martin Pibworth said: “Both the original Clyde windfarm and the recent extension are complex projects, requiring major investment and a great deal of effort to deliver such efficient assets that make a huge contribution to supplying electricity and reducing carbon emissions across the GB market.
“The sale of a further stake in Clyde to UKW and GLIL is a natural step in our partnership with them and our commitment to recycle capital where we can see value for SSE.”
Situated in Scotland, the Clyde windfarm is equipped with 152 Siemens 2.3MW turbines and has a generating capacity of 349.6MW.
The Clyde Extension features 54 Siemens 3.2MW turbines capable of generating a total energy of 172.8MW.
Image: Clyde windfarm in Scotland, UK. Photo: courtesy of SSE.