SSE is selling part of its UK networks businessSSE has agreed to sell a 25 per cent stake in its electricity transmission grid business to the Ontario Teachers’ Pension Plan Board for about £1.5 billion .
The network helps transport renewable resources in the north of Scotland to demand centres further south. SSE is also selling a stake in its electricity distribution business. The process is expected to commence in early 2023, according to a statement. The stake sale is part of a strategic plan unveiled by SSE after it rejected a proposal from activist investor Elliott Investment Management to split the company in two by separating the renewables business.
“With significant growth forecast in transmission, bringing in Ontario Teachers’ as a minority stake partner will help fund our ambitious investment plans,” said Rob McDonald, Managing Director of SSEN Transmission.