Walney offshore wind farm SSE stake sold for £350m

Walney offshore wind farm SSE stake sold for £350m: In a deal worth £350 million for the Walney Offshore Wind Farm, SSE has agreed to sell its non-operating stake.

Greencoat UK Wind Plc (UKW) is purchasing the 25.1% interest, equating to a capacity of 92MW, following the sale SSE’s renewable generation capacity will be reduced to around 3.9GW.

Walney has a total capacity of 367MW and is located around 15km from the coastline of Walney Island, off the west coast of the UK.

Ørsted (50.1%), PGGM (24.8%) and SSE Renewables (25.1%) have ownership of the wind farm currently.

Announced in June 2020 this sale is part of SSE’s plans to dispose of £2 billion of assets by Autumn 2021.

SSE’s offshore wind portfolio consists of Beatrice Offshore Wind Farm (588MW) and Greater Gabbard Offshore wind Farm (504MW), both of which are operated on behalf of its joint venture partners.

Finance Director at SSE, 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 £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.”

Walney offshore wind farm SSE stake sold for £350m

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