Unlocking growth

SSE sells transmission network stake for £1.46bn

Beauly Denny pylons
SSE is raising further capital for the transmission business

Energy utility SSE is selling a 25% stake in its electricity transmission network business to the Ontario Teachers’ Pension Plan Board for £1.46bn.

The Perth-based company said the deal would “unlock significant growth in both the transmission business and across the wider SSE group”.

SSE said the sale will allow it, as the majority shareholder, to retain control in relation to operating and managing the business, with Ontario Teachers’ to be proportionately represented on SSEN Transmission’s board.

SSE’s finance director Gregor Alexander will be chair of this new board and Rob McDonald will continue in his role as managing director for SSEN Transmission, along with other key members of SSEN Transmission’s leadership team.

To help cover the future long term funding requirements and the working capital of SSEN Transmission, and as referenced in SSE’s interim results, a £750m revolving credit facility has been put in place.

This facility will support SSEN Transmission’s ongoing capital expenditure investment programme that is required to deliver its ambitious growth plans. 

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