PERTH (SCOTLAND) (dpa-AFX) - SSE plc (SSE.L) agreed to sell a 25% minority stake in its electricity transmission network business, SSEN Transmission - which operates under its licenced entity, Scottish Hydro Electric Transmission- to Ontario Teachers' Pension Plan Board for total cash proceeds of 1.465 billion pounds. The transaction is expected to complete shortly.
The transaction follows SSE's announcement in November 2021 of its intention to extend the partnering approach that has been successful in SSE Renewables to its core electricity distribution and transmission network assets through the sale of minority stakes in both businesses as part of SSE's fully funded Net Zero Acceleration Program.
SSE expects to commence the stake sale process of its electricity distribution business in early 2023.
SSE said Friday that its 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.
Copyright(c) 2022 RTTNews.com. All Rights Reserved
Copyright RTT News/dpa-AFX