SE will make £638m by selling a stake in a pair of Scottish highlands wind farms as it seeks to shore up its battered balance sheet. The energy giant will spin off 49pc of the Stronelairg and Dunmaglass wind farms in a deal with renewable investment manager Greencoat Capital and its Greencoat UK Wind subsidiary. The sale hands Greencoat a 160MW share of wind projects that SSE will continue to operate. For SSE shareholders the deal paves the way for a £200m windfall after the company earmarked the funds to help buy back shares offered in lieu of dividends.
Telegraph 1st Feb 2019 read more »
The stakes in two wind farms for £635 million will provide funds to reduce debt and to launch up to £200 million of share buybacks, SSE said yesterday. The move comes after the collapse last year of the energy supplier’s plans to spin off its retail business into a separate listed entity in combination with Npower. Government plans to introduce price caps meant that the merger was no longer viable.
Times 2nd Feb 2019 read more »
Scotsman 1st Feb 2019 read more »
The National 2nd Feb 2019 read more »
Herald 2nd Feb 2019 read more »