Energy utility SSE is selling a 25% stake in its electricity transmission network business to Ontario Teachers’ Pension Plan Board for £1.46bn.
The company said the deal would “unlock significant growth in both the transmission business and across the wider SSE group”.
SSEN Transmission, which operates as Scottish Hydro Electric Transmission, will be chaired by SSE finance director Gregor Alexander. Ontario Teachers’ will get proportional representation on the board.
The deal follows SSE’s announcement in November last year to extend the partnering approach used in its renewables business to its core electricity distribution and transmission network assets as part its net zero acceleration programme.
Reporting by Frank Prenesti for Sharecast.com
