Published: 03 September 2020 03 September 2020
SSE has agreed to sell its 25.1% non-operating stake in Walney Offshore Wind Farm to Greencoat UK Wind. The stake equates to 92MW of capacity and the total consideration is £ 350 million.
The sale of Walney marks the first stage of SSE’s disposal plans. Following the disposal of SSE’s stake in Walney, SSE's renewable generation capacity will be around 3.9GW. SSE’s current offshore wind portfolio comprises Greater Gabbard Offshore Wind Farm (504MW, SSE share 50%) and Beatrice Offshore Wind Farm (588MW, SSE share 40%), both of which it operates on behalf of its joint venture partners.
Securing value and cash proceeds from timely disposals will support SSE’s £7.5 billion five-year capital expenditure plans to invest in core strategic assets that will support the ongoing transition to net zero emissions. As part of this, SSE’s renewable capacity is set to grow with investments in: Seagreen (1,075MW, SSE share 49%) and Dogger Bank offshore wind farms (3,600MW, SSE share 50%), as well as the Viking onshore wind farm on Shetland (443MW, SSE share 100%). SSE is leading on the development and construction of all three projects.