SSE Subsidiary Agrees to GBP350 Million Placement to Support Renewables
31 Março 2022 - 12:46PM
Dow Jones News
By Joe Hoppe
SSE PLC said Thursday that its subsidiary SSEN Transmission has
agreed a 350 million pound ($459.7 million) private placement to
fund investments in electricity transmission infrastructure for
renewable energy.
The FTSE 100 energy company said that the placements will be
issued in two equal tranches of GBP175 million, the first maturing
in June 2032 and the second in June 2037. The tranches carry rates
of 3.13% and 3.24% respectively.
The terms were agreed with Pricoa Private Capital, part of PGIM,
Inc. and include a three-month delayed draw, with the proceeds
expected to be received in June this year.
The proceeds will be used to fund part of SSEN's program of
investments in transmission network infrastructure, which will help
accommodate the significant increase in renewables needed to
transition the U.K. to net zero emissions, and will also cover
existing maturing debt.
"This placement is on attractive terms and demonstrates the
diversification of funding options available to the transmission
business as we deliver this growth," SSE Finance Director Gregor
Alexander said.
Write to Joe Hoppe at joseph.hoppe@wsj.com
(END) Dow Jones Newswires
March 31, 2022 11:31 ET (15:31 GMT)
Copyright (c) 2022 Dow Jones & Company, Inc.
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