SSE has agreed to sell its 25.1% non-operating stake in Walney Offshore Wind Farm to Greencoat UK Wind for £350 million
The Perth-headquartered company said Walney was non-core and that the sale was in line with its plans to divest £2 billion worth of assets by Autumn 2021.
The other owners of Walney, 15km off the north-west coast of England, include Orsted (50.1%) and PGGM (24.8%).
SSE’s other wind farm stakes include 50% in Greater Gabbard and 40% in Beatrice in the Moray Firth.
Its renewable capacity is set to grow with investments in the Seagreen (49%) and Dogger Bank (50%) offshore wind farms, as well as the Viking onshore wind farm on Shetland (100%).
SSE finance director Gregor Alexander said: “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.
“This transaction is a key first step in our £2bn asset disposal programme announced in June and will enable SSE to build out its £7.5bn 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”.