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Britain's SSE to take full ownership of Scottish offshore wind venture

Staff Writer |
SSE is exercising its pre-emption right in the sale of Fluor Ltd.'s 50% share in Seagreen Wind Energy Limited, established to develop offshore wind projects in the Firth of Forth Zone.

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SSE already holds the other 50% share of the joint venture and will purchase Fluor's share for a single payment of £118m.

The transaction is subject to approval from Crown Estate Scotland, the public body that manages leasing of Scotland's seabed. The future ownership structure will be further reviewed in the coming months with the view to maximising value for SSE shareholders.

Increasing its share in Seagreen is in line with SSE's offshore wind ambitions and with the Group's broader strategy to create value for shareholders and society from developing, owning and operating energy and related infrastructure and services in a sustainable way, with regulated energy networks and renewable energy at its core.

Seagreen Phase 1, consisting of the 'Alpha' and 'Bravo' projects, is targeting up to 1.5GW of capacity. The project team is seeking amendments to the existing consent (1.05GW) to take advantage of the advances in offshore wind turbine technology since the original consent was granted in 2014. SSE also intends to develop further phases in the Seagreen area.

SSE remains focused on preparing the Seagreen Phase 1 projects in readiness to bid in the upcoming UK contracts for difference (CfD) auction, expected in May 2019.

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