Energy giant SSE has struck a deal to sell a 25% minority stake in its electricity transmission network business, SSEN Transmission, to Ontario Teachers’, a Canadian pension fund.
The £1.5 billion agreement, which will see the sale process start in the next few months, is expected to help unlock significant growth in both the SSE Group and its transmission network arm.
The company said it would retain control of operating and managing SSEN Transmission, with Ontario Teachers’ to take seats on the SSEN Transmission’s Board of Directors.
Rob McDonald, Managing Director of SSEN Transmission, said: “With the north of Scotland home to the UK’s greatest resources of renewable electricity we have a critical role to play in helping deliver the UK and Scottish Governments net zero commitments.
“Our investments will also be key to securing the UK’s future energy independence through enabling the deployment of homegrown, affordable, low carbon power.”
Charles Thomazi, Head of EMEA Infrastructure and Natural Resources at Ontario Teachers’, said: “SSEN Transmission is one of Europe’s fastest-growing transmission networks. Its network stretches across some of the most challenging terrain in Scotland – from the North Sea and across the Highlands – to deliver safe, reliable, renewable energy to demand centres across the UK.”
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