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SSE sells 10% stake in Dogger Bank wind farm
StockMarketWire.com
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SSE has entered into an agreement to sell a 10% stake in the first two phases of Dogger Bank Wind Farm to Italian energy giant Eni for an equity consideration of £202.5 million.
SSE intends to use the proceeds to enable delivery of its low carbon growth plans. Dogger Bank Wind Farm is the largest of SSE renewables' projects currently in construction.
Eni has also entered into an agreement to purchase a 10% stake in Dogger Bank from project partner Equinor.
The transaction is expected to complete in early 2021, subject to regulatory and lender approvals.
SSE now expects adjusted earnings per share for 2020/21 to be in the range of 85 pence to 90 pence following the successful conclusion of the Dogger Bank equity stake disposal.
Gregor Alexander, SSE's finance director, said: "The sale of a stake in Dogger Bank Wind Farm to Eni is another successful example of SSE's approach to partnering to create and secure value for shareholders.
This transaction will enable us to fund further low carbon growth opportunities, helping to deliver governments' net zero ambitions and our own target to treble our renewable output by 2030."
Story provided by StockMarketWire.com
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