SSE selling Walney stake to Greencoat

In: Windfarms
01/09/2020
SSE

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.

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