SSE to enter Seagreen Scottish offshore wind project into subsidy auction

LONDON, June 20 (Reuters) - British utility SSE (LSE: SSE.L - news) plans to enter its Seagreen wind project that lies off the coast of Scotland into Britain's auction for renewable subsidies next year, it said on Wednesday.

* Seagreen Wind Energy Limited, developing the project, is a 50/50 joint venture between SSE and Fluor Limited, the British operating arm of Fluor Corporation (NYSE: FLR - news) .

* The project initially received planning consent in 2014.

* "Since 2014, offshore wind technology has advanced significantly with larger and more efficient turbines able to generate additional power," SSE said.

* The cost of producing electricity from wind farms has plummeted in the past few years, with the latest renewable auction clearing last year at a low of 57.50 pounds ($76) per megawatt hour (MWh).

* If built, the project would be capable of generating enough electricity to power up to 670,000 homes, SSE said.

* The next contracts-for-difference (CfD) subsidy auction will take place in spring 2019.

* Under the CfD scheme, winning projects are guaranteed a minimum price at which they can sell electricity. ($1 = 0.7586 pounds) (Reporting By Susanna Twidale Editing by Edmund Blair)