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SSE Renewables has agreed to sell its 25.1 per cent stake in the Walney offshore windfarm to Greencoat UK Wind for £350 million.
The deal forms parts of SSE’s plans to dispose of £2 billion of assets by Autumn 2021 to help finance investments in new renewable generation.
“Walney has been a good financial investment for SSE but we see it as a non-core asset as we are not the principal operator,” said SSE finance director Gregor Alexander.
“This transaction is a key first step in our £2 billion asset disposal programme announced in June and will enable SSE to build out its £7.5 billion low carbon investment programme over the next five years, helping the UK to reach net zero emissions, stimulating a green economic recovery and creating value for shareholders and society”.
The 367MW Walney windfarm is located around 15 kilometres off the coast Cumbria in the Irish Sea. The array was built in two phases, each consisting of 51 of Siemens Gamesa’s 3.6MW turbines, with the second being commissioned in 2012.
SSE acquired its interest the windfarm in 2009 from the developer Orsted, which retains a 50.1 per cent stake. The remaining 24.8 per cent is held by the Dutch infrastructure fund PGGM.
The group said the sale will leave it with an operational portfolio of 3.9GW of renewables, including a 50 per cent stake in the Greater Gabbard offshore windfarm (504MW) and a 40 per cent stake in the Beatrice array (588MW), both of which it operates on behalf of its partners.
SSE Renewables is also leading the development and construction of the Seagreen (1,075MW), Dogger Bank (3.6GW) and Viking (443MW) offshore windfarms, in which it owns respective shares of 49 per cent, 40 per cent and 100 per cent.
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