9th Jan 2024 09:41
(Alliance News) - SSE PLC on Tuesday said that its subsidiary SSEN Transmission issued a green bond.
The Perth, Scotland-based energy firm said SSEN Transmission issued a GBP500 million 20-year green bond maturing in January 2044 at a fixed coupon of 5.5%, with all-in funding cost of 5.575%.
SSE said: "Today's issuance is SSE's seventh green bond in eight years and reaffirms its status as the largest UK corporate issuer of green bonds. This brings the total outstanding green bonds issued by SSE and subsidiaries to GBP3.7 billion, of which GBP1.3 billion has been issued directly by SSEN Transmission."
The proceeds from the green bond will be used to fund critical national infrastructure projects within SSEN Transmission.
SSE Chief Financial Officer Barry O'Regan said: "SSE is investing in high-quality assets right across the group and our Transmission business has a significant pipeline of nationally important investments which will make a significant impact as Scotland and the UK seek to meet renewables deployment and climate targets. These projects are essential to the clean energy transition and this bond therefore offers an attractive proposition to investors looking to channel finance into green infrastructure."
SSE shares were 0.4% higher at 1,867.00 pence each on Tuesday morning in London.
By Tom Budszus, Alliance News slot editor
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