SSE has signed an agreement to sell 49.9% stake in an onshore wind farm in Scotland.
Renewable infrastructure fund Greencoat UK Wind (UKW), a partnership between the Greater Manchester Pension Fund and the London Pensions Fund Authority (GLIL), will pay £355 million for the deal.
The Clyde Wind Farm consists of 152 turbines which are currently operating with a capacity of 349.6MW.
An extension of the wind farm is under construction which is expected to be completed in June next year.
Once the 172.8MW extension project ends, the equity stake jointly owned by the funds will be diluted to 30% with SSE retaining 70%, the firm stated.
Martin Pibworth, SSE’s Managing Director, Wholesale said: “We are pleased to confirm the sale of a stake in our flagship Clyde wind farm to UKW and GLIL. The sale represents another significant step in a programme of disposals to recycle capital and optimise our wind farm pipeline. The proceeds from this disposal will help to support our future investments in a balanced range of energy assets.”