SSE to Sell Stake in Stronelairg and Dunmaglass Wind Farms for GBP635 Million
February 01 2019 - 2:18AM
Dow Jones News
By Oliver Griffin
SSE PLC (SSE.LN) said on Friday that it plans to sell its 49.9%
stake in its Stronelairg and Dunmaglass wind farms in Scotland to
Greencoat UK Wind PLC (UKW.LN) for a total of 635 million pounds
($833.2 million).
The company said it will continue to operate both assets and
that future development rights will be in line with equity
share.
SSE said the transaction is expected to complete by the end of
March. With the completion of the Beatrice wind farm--located
offshore Scotland--expected this spring, SSE said its
renewable-energy capacity will be around 4 gigawatts.
The company said it intends to use up to GBP200 million of the
proceeds to fund a share buyback, depending on shareholder
approval. Remaining proceeds will be used to cut net debt, the
company said.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
February 01, 2019 03:03 ET (08:03 GMT)
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