11th Jan 2005 14:12
Scottish & Southern Energy PLC11 January 2005 SCOTTISH AND SOUTHERN ENERGY PLC INVESTMENT IN SOLARCENTURY Scottish and Southern Energy plc ("SSE") has acquired 7.5% of the share capitalin solarcentury, the largest independent solar photovoltaics (PV) company in theUK, for a total cash consideration of £1 million. Solar PV generates electricity directly from light and solarcentury is theleading independent solar energy solutions company in the UK. It works directlywith architects, housing developers and engineers and has helped around 400businesses, local authorities and homes go solar since it was founded in 1999. The two companies have also entered into a collaboration agreement. As a resultof this, solarcentury's expertise in solar energy will be brought together withSSE's electrical contracting business in order to market the provision andinstallation of solar energy solutions to a growing number of customersthroughout the UK. They have already combined to provide and install solar PVfor a variety of organisations, such as the National Trust and Spitalfieldsmarket in London. SSE's investment in solarcentury follows its investment in October 2004 inRenewable Devices Swift Turbines Ltd, the developer of a leadingrooftop-mountable wind energy system, and is in line with its commitment toexpand the range of energy services and products that it offers to customers. Ian Marchant, Chief Executive of SSE, said: "SSE already has substantialinterests in the generation of electricity from renewable sources such as hydro,wind and biomass. This deal with solarcentury complements both this and theagreement entered into with Renewable Devices last year. It will help us buildon our position as the largest green energy company in the UK and is asignificant step forward in our plans to expand the range of energy serviceswhich we can provide to customers." Jeremy Leggett, Chief Executive of solarcentury, said: "This is an excellentstep forward for solarcentury and SSE - and for the solar market in the UK. Ourgoal is to help create a cleaner world and a sustainable future - and thispartnership with the UK's largest generator of renewable energy will help usmove towards that goal. We are operating in one of the world's fastest growingindustries and the new equity capital raised, which also includes additionalamounts from private investors, strengthens our balance sheet and enables us toaccelerate our new product development programme to maximise returns fromnumerous attractive, high growth markets." Enquiries to: Scottish and Southern EnergyAlan Young, Director of Corporate Communications 0870 900 0410Denis Kerby Investor and Media Relations Manager 0870 900 0410 solarcenturyJeremy Leggett, Chief Executive 0207 803 0100 NOTES Solarcentury was advised in this transaction by Envirocapital. SSE's contracting group employs over 3,000 engineers, electricians and pipefitters throughout the country and operates from more than 40 regional officesthroughout the country. It has four main areas of activity: industrial,commercial and domestic mechanical and electrical contracting; electrical andinstrumental engineering; street and highway lighting; and specialistcontracting for the turnkey design, build and refurbishment of facilitiesrequiring a controlled environment. -ENDS- This information is provided by RNS The company news service from the London Stock ExchangeRelated Shares:
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