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SSE Sells Off 50% Stake In Clyde Wind Farm

(c) Sky News 2016

Energy giant SSE (LSE: SSE.L - news) has agreed to sell a 49.9% stake in its Clyde Wind Farm, South Lanarkshire, to a consortium of UK pension funds and a green energy investment body in a £355m deal.

The stake was bought by a wind-energy investment fund, Greencoat UK Wind (LSE: UKW.L - news) , and GMPF & LPFA Infrastructure LLP, a partnership between the Greater Manchester Pension Fund and the London Pensions Fund Authority, which specialise in infrastructure projects.

The funds' joint stake will be diluted to 30% after a planned 54-turbine extension to the wind farm, leaving SSE with the remaining 70%. The extension is expected to complete next year.

SSE will continue to manage the day to day operations of the wind farm.

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In 2014, SSE announced a programme of asset sales to reduce its debt pile by £1bn. The proceeds from the sale will take the company beyond its £1bn target, and the extra money will be used for investment.

Clyde, which started operating in 2011, is one of Europe's largest wind farms, with 152 turbines and a total capacity of 350MW, which can power more than 300,000 homes.

Managing director of SSE's Wholesale division, Martin Pibworth, said: "We are pleased to confirm the sale of a stake in our flagship Clyde wind farm.

"The sale represents another significant step in a programme of disposals to recycle capital and optimise our wind farm pipeline. The proceeds from this disposal will help to support our future investments in a balanced range of energy assets (Other OTC: UBGXF - news) ."