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SSE is out!

By: Chris Anderson 02/11/2015 SSE edited by 4C

General Windfarms

Following last weeks announcement by RWE of its three new project partners for Galloper Wind Farm Ltd (GWFL) of UK Green Investment Bank (GIB), Siemens Financial Services and Macquarie Capital, and financial close has been reached for Galloper Wind farm Limited (GWFL), SSE has confirmed that it has agreed exit terms from the project.

This decision has been made in line with SSE’s announcement in April 2014 that it would not be taking its interest in the Galloper Offshore wind project. further than the development stage. SSE and RWE Innogy agreed at that time to jointly continue the development of the Galloper project, whilst at the same time seeking a new strategic equity partner for SSE’s share in the project. Both companies agreed to progress the equity and project financing strategy, which was an integral part of last weeks final investment decision.

Successfully agreeing exit terms with RWE Innogy is a positive step for SSE and means that the released funds can be utilised for other projects within the company’s investment portfolio.

SSE and RWE Innogy will continue to be 50:50 partners of the operational 504MW Galloper Offshore wind project.

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SSE is out!

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