SSE selling stake in Walney offshore wind farm

SSE has agreed to sell its 25.1% non-operating stake in the 367 MW Walney offshore wind farm to Greencoat UK Wind.

The stake equates to 92 MW of capacity and the total consideration is £350 million.

The sale marks the first stage in SSE’s plans to dispose of £2 billion of assets by autumn 2021, a significant part of which is expected to be non-core assets.

“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,” said Gregor Alexander, SSE Finance Director.

“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.”

The 367 MW Walney offshore wind farm comprises 102 Siemens 3.6 MW turbines which were put into operation in 2012.

The remaining stakeholders are Ørsted with 50.1% and PGGM with 24.8%.