SSE Plc - Disposal
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) 596/2014
SSE agrees sale of its 50% share in Ferrybridge and
SSE plc has entered into an agreement to sell its 50% share in energy-from-waste ventures Multifuel Energy Limited (MEL1) and Multifuel Energy 2 Limited (MEL2) to European Diversified Infrastructure Fund III, an infrastructure fund managed by First Sentier Investors, for a total cash consideration of
MEL1 and MEL2 are 50-50 joint ventures between SSE and Wheelabrator Technologies Inc., consisting of the operational Ferrybridge Multifuel 1 and Ferrybridge Multifuel 2 facilities (MEL1), as well as the Skelton Grange Multifuel development project (MEL2), all in
Ferrybridge Multifuel 1 (which entered commercial operation in 2015, SSE share 50%) and Ferrybridge Multifuel 2 (which entered commercial operation in 2019, SSE share 50%) each have an installed capacity of 75MW and are capable of processing around 725,000 tonnes and 675,000 tonnes of waste every year respectively. The proposed Skelton Grange Multifuel facility (SSE share: 50%), which is due to reach financial close around
The proceeds of these disposals will support the company's plans to invest
"Our disposal programme demonstrates how the company can create value from our assets and supports our plans to invest
1. The consideration for the transaction is
2. The transaction is subject to approval by the European Commission, under the European Union Merger Regulation framework.
3. The transaction agreement has a long-stop date of
Value of Assets
In the 12 months to
Barclays and Morgan Stanley acted as SSE's joint financial advisers on this transaction and Freshfields Bruckhaus Deringer acted as SSE's legal adviser. Morgan Stanley is also Corporate Broker to SSE.
SSE retains its 50% interest in the Slough Multifuel project, which is co-owned with Copenhagen Investment Partners (CIP).
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First Sentier Investors ("First Sentier") are stewards of over
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