SSE sells energy-from-waste assets for £995m
SSE said it had agreed to sell its 50% share in two energy-from-waste ventures to a fund managed by Australia’s First Sentier Investors for £995m in cash as part of its £2bn disposal programme.
The transaction is expected to complete by late 2020 subject to antitrust approval by the European Commission, SSE said on Monday.
Cash from the disposals will support the company's plans to invest £7.5bn in low-carbon energy infrastructure over the next five years and reduce SSE's net debt, it added.
The two ventures operated equally with US-based Wheelabrator Technologies.
“This sale marks a major step in our plans to secure at least £2bn from disposals by autumn 2021, with just over £1.4bn now delivered,” SSE Finance Director Gregor Alexander said in a statement.
Tuesday's deal follows the sale of stakes in wind farm projects to renewable infrastructure fund Greencoat UK Wind for £350m.