Deal with Seagreen
SSE extends wind portfolio with Forth acquisition
SSE expanding its portfolio
Energy company SSE has extended its offshore wind portfolio by taking full control of a wind farm in the Firth of Forth.
It is exercising its pre-emption rights to acquire the 50% of Fluor’s share in Seagreen Wind Energy that it doesn’t own in a single payment of £118m.
The transaction is subject to approval from Crown Estate Scotland, the public body that manages leasing of Scotland’s seabed. The future ownership structure will be further reviewed in the coming months with the view to maximising value for SSE shareholders.
Increasing its share in Seagreen is in line with SSE’s offshore wind ambitions and with the Group’s broader strategy to create value for shareholders and society from developing, owning and operating energy and related infrastructure and services in a sustainable way, with regulated energy networks and renewable energy at its core.
Martin Pibworth, SSE’s Wholesale Director, said: “The Seagreen acquisition aligns with SSE’s ambition to create value from owning, operating and developing clean energy assets and infrastructure.
“We are looking forward to taking full ownership of Seagreen as we progress through this critical phase towards the CfD auction, expected in May 2019. SSE’s expertise in the development, construction and operation of offshore wind will be an asset to Seagreen, and we will review the ownership structure in due course.”
The Seagreen acquisition takes SSE’s total offshore wind portfolio to around 4GW.