SSE sells 49.9% stake in Clyde wind farm for £355m

Energy firm SSE said it has signed agreements for the sale of 49.9% of its operational 349.6MW Clyde Wind Farm to Greencoat UK Wind and GMPF & LPFA Infrastructure LLP for a headline £355m.

When the 172.8MW extension to Clyde is commissioned (currently under construction, completion expected in June 2017) the equity stake jointly owned by UKW and GLIL will be diluted to 30% with SSE retaining 70%. This shareholding implies a combined valuation of the two wind farms of £2.27m per MW.

In addition to completing the construction of the extension, SSE said it would provide long term management services for the day to day operations of all 522.4MW.

In March 2014 SSE announced a programme to raise £1bn from the sale of non-core assets and businesses and the sale of existing or in-development onshore wind farms. Monday's announcement takes the total proceeds achieved to date in excess of that target and will release capital to support future investment, it added.