4th Sep 2014 12:43
LONDON (Alliance News) - SSE PLC Thursday said it has agreed exit terms for its stake in the Galloper offshore wind farm project joint venture.
SSE said in March it would not retain its stake in the project, which is located off the Suffolk coast, beyond the development phase, following a strategic review of its offshore wind development portfolio.
The FTSE 100 energy distribution company said it would remain a 50% shareholder in the project, alongside RWE Innogy, the renewable energy arm of Germany energy group RWE AG, until a final investment decision is made on the project.
After the final investment decision is made, SSE will exit from the project on pre-agreed terms, it said, details of which it didn't disclose Thursday.
"While we continue to support the Galloper offshore wind farm, SSE will not be progressing its interest in the project beyond the development phase. We have now agreed exit terms with our joint venture partner RWE Innogy which will allow Galloper to progress to a Final Investment Decision and also secure a route to value realisation for SSE," said SSE Director of Offshore Renewables Finlay McCutcheon.
SSE shares were up 0.9% to 1,502.00 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SSE