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March 15, 2016

SSE agrees to sell 49.9% stake in Clyde Wind Farm for £355m

SSE has signed an agreement to sell 49.9% of its stake in the operational 349.6MW Clyde Wind Farm to Greencoat UK Wind (UKW), and GMPF & LPFA Infrastructure (GLIL) for £355m.

SSE Clyde

SSE has signed an agreement to sell 49.9% of its stake in the operational 349.6MW Clyde Wind Farm to Greencoat UK Wind (UKW), and GMPF & LPFA Infrastructure (GLIL) for £355m.

The windfarm is located in South Lanarkshire. Following commissioning of the 172.8MW extension of Clyde Wind Farm, the equity stake jointly owned by UKW and GLIL will be cut to 30%, with SSE holding 70%.

The windfarm extension is currently under construction and completion is slated for June 2017.

Under the agreement, SSE will be responsible for day-to-day operations of the total 522.4MW, as well as a long-term route to market power purchase agreements.

"Proceeds from this disposal will help to support our future investments in a balanced range of energy assets."

Siemens will offer long-term turbine O&M services.

This month, SSE announced a plan to cut debt by £1bn from selling non-core assets and businesses, as well as sale of existing or onshore windfarms in development.

SSE managing director for wholesale Martin Pibworth said: "We are pleased to confirm the sale of a stake in our flagship Clyde Wind Farm to UKW and GLIL.

"The sale represents another significant step in a programme of disposals to recycle capital and optimise our windfarm pipeline. The proceeds from this disposal will help to support our future investments in a balanced range of energy assets."

Greencoat UK will have a 28.2% stake in the windfarm, while GLIL will hold a 21.7% interest.

SSE was advised by Rothschild, Credit-Suisse and CMS.


Image: The windfarm extension is currently under construction, with completion due for June 2017. Photo: courtesy of SSE.

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