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SSE has agreed the sale of a £355 million stake in its 349.6MW Clyde windfarm to Greencoat UK Wind (UKW) and GMPF and LPFA Infrastructure LLP (GLIL).
The windfarm is operational at 349.6 MW with a further 172.8 MW extension expected to complete in June 2017. The joint equity stake by UKW and GLIL will be diluted from 49.9 per cent to 30 per cent after completion, with SSE retaining 70 per cent.
In March 2014 SSE announced a disposal programme with intended proceeds and debt reduction of £1 billion through the sale of non-core assets and existing or in-development onshore windfarms – this latest announcement takes the total to in excess of that target.
SSE’s managing director of wholesale Martin Pibworth said: “We are pleased to confirm the sale of a stake in our flagship Clyde windfarm to UKW and GLIL.
“The sale represents another significant step in a programme of disposals to recycle capital and optimise our windfarm pipeline. The proceeds from this disposal will help to support our future investments in a balanced range of energy assets.”
Greencoat UK Wind partner Stephen Lilley said the firm has a good and well-established relationship with SSE, which operates some of its assets. “It is a very big investment for us but one with a partner that we very well like and hope the feeling is mutual,” he said.
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