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SSE selling Walney stake to Greencoat

By: James Bernthal-Hooker 01/09/2020 SSE

General Windfarms

Energy company SSE has agreed to sell its stake in the Walney offshore wind farm in the UK to Greencoat UK Wind. The 25.1% stake is a non-operating one, equating to 92 MW of capacity, and is valued at approximately £350 million.

The move comes as part of SSE’s plan, outlined in June this year, to dispose of £2 billion of assets by next Autumn, with a particular focus on non-core assets. Gregor Alexander, SSE’s Finance Director, called Walney “a none-core asset as we are not the principle operator”.

Walney is a 367 MW offshore wend farm, off the UK’s west coast. It is located approximately 15 km from Walney Island. The two-phase project was brought online in July 2011 (phase one) and June 2012 (phase 2). In addition to SSE’s stake, the project is owned by Ørsted (50.1%) and PGGM (24.8%).

Alexander went on: “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”.

Once this sale is complete, the company will own around 2.9 GW of renewable generation, including a 50% stake in the 504 MW Greater Gabbard and a 40% stake in the 588 MW Beatrice. SSE is planning to grow this further with investments in the Seagreen and Dogger Bank offshore wind projects and an onshore wind farm, Viking.

For more information on offshore wind farms worldwide, click here.

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SSE selling Walney stake to Greencoat

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