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SSE has agreed the sale of 25 per cent of its 750MW Beatrice offshore windfarm to fund management company Copenhagen Infrastructure Partners (CIP) for an undisclosed sum.
In a statement released Thursday morning the developer said it would sell 25 per cent of its 75 per cent stake, while project partner Repsol would continue to hold 25 per cent of the project.
SSE said the move aligns with its “strategic review of its offshore wind portfolio”.
In March this year SSE said it would step away from four major offshore wind projects totaling nearly 12GW in order to “streamline and simplify” the business. At the same time the company said it would reduce its stake in the Beatrice project from 75 per cent to 50 per cent or less before committing to further development towards a final investment decision in early 2016.
“Whilst there is still a significant amount of work to be done, this latest milestone allows the project to continue progressing towards a Final Investment Decision in 2016,” said project director Brian McFarlane.
The sale follows four months after the project received the greenlight from the European Commission to sign a ‘fast-track’ financial support contract through the UK government’s Contracts for Difference regime.
“We will be working closely with Repsol, CIP and our supply chain partners, to further reduce costs and refine the development and construction programme,” he added.
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