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LONDON (Alliance News) - FTSE 100-listed energy provider SSE PLC said on Tuesday it will acquire the remaining 50% stake in Seagreen Wind Energy Ltd from Fluor Ltd for GBP118 million, while reiterating its guidance for the first half of its current financial year.
Seagreen was established to develop offshore wind projects in the Firth of Forth in Scotland. Seagreen Phase One, made up of the 'Alpha' and 'Bravo' projects is targeting up to 1.5 gigawatts of capacity, with its project team looking to amend the existing consent for 1.05 gigawatts.
SSE, which now owns 100% of Seagreen, aims to prepare the Phase One projects in readiness to bid in the upcoming UK contracts for difference auction, expected in May 2019. The acquisition brings SSE's total offshore wind portfolio to four gigawatts in total, it said.
"The Seagreen acquisition aligns with SSE's ambition to create value from owning, operating and developing clean energy assets and infrastructure. We are looking forward to taking full ownership of Seagreen as we progress through this critical phase towards the CfD auction, expected in May 2019," said Wholesale Director Martin Pibworth.
In addition, SSE on Tuesday reiterated its expectations that adjusted operating profit for the six months to the end of September will be around half of the GBP586 million delivered for the same period the year before.
"As we announced earlier this month, well-intentioned decisions intended to mitigate commodity price risk to SSE's businesses through energy portfolio management will lead to a disappointing outcome in terms financial results in 2018-19, something the board clearly regrets," said Chief Executive Alistair Phillips-Davies.
In response to the profit warning, Moody's Investors Service on Monday had placed SSE's A3 rating for its senior unsecured debt and Baa2 rating on its hybrid notes under review for a potential downgrade.
Shares in SSE were down 0.2% at 1,128.00 pence early Tuesday.
