SSE has reached agreement to sell a 25% minority stake in its electricity transmission network business SSEN Transmission to Ontario Teachers’ Pension Plan Board in a transaction that will help unlock significant growth in both the Transmission business and across the wider SSE Group.The transaction follows SSE’s announcement on 17 November 2021 of its intention to extend the partnering approach that has been successful in SSE Renewables to its core electricity distribution and transmission network assets through the sale of minority stakes in both businesses as part of SSE’s fully funded Net Zero Acceleration Program. The stake sale process for SSE’s electricity distribution business is expected to commence in early 2023.The transaction is based on an effective economic date of 31 March 2022, and total cash proceeds of GBP 1,465 million for the 25% stake are expected at completion. The transaction is expected to complete shortly.The proceeds released through this stake sale will support the significant growth SSE continues to see in SSEN Transmission and further growth opportunities across SSE’s other core businesses, while ensuring an attractive balance of capital allocation across the Group.Ontario Teachers' Pension Plan Board is a global investor with net assets of USD 242.5 billion as at June 30, 2022. It invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.
SSE has reached agreement to sell a 25% minority stake in its electricity transmission network business SSEN Transmission to Ontario Teachers’ Pension Plan Board in a transaction that will help unlock significant growth in both the Transmission business and across the wider SSE Group.The transaction follows SSE’s announcement on 17 November 2021 of its intention to extend the partnering approach that has been successful in SSE Renewables to its core electricity distribution and transmission network assets through the sale of minority stakes in both businesses as part of SSE’s fully funded Net Zero Acceleration Program. The stake sale process for SSE’s electricity distribution business is expected to commence in early 2023.The transaction is based on an effective economic date of 31 March 2022, and total cash proceeds of GBP 1,465 million for the 25% stake are expected at completion. The transaction is expected to complete shortly.The proceeds released through this stake sale will support the significant growth SSE continues to see in SSEN Transmission and further growth opportunities across SSE’s other core businesses, while ensuring an attractive balance of capital allocation across the Group.Ontario Teachers' Pension Plan Board is a global investor with net assets of USD 242.5 billion as at June 30, 2022. It invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.
