SSE disposes of another wind farm

28th Jun 2011 13:03

Energy provider Scottish and Southern Energy has agreed to sell its 50% interest in the Braes of Doune onshore wind farm to a fund managed by Climate Change Capital for £61.3m, excluding working capital, in a move to optimise its wind farm portfolio. The agreement follows the sale of its 100% interest in three onshore wind farms in April 2011, which had a total capacity of 96.8 megawatts, for £178.4m in cash. "Fundamentally, SSE owns generation capacity to meet the electricity needs of its own customers and this disposal will mean that the power generated from all but 12MW of our wind farm capacity is used for that purpose. In addition, the proceeds from disposals such as this will support our plans to invest around £1.7bn in the current year," finance director Gregor Alexander said in a statement.Following these disposals, SSE will have 775MW of onshore wind farm capacity in operation and have 12 onshore wind farms, with a total capacity of 714MW, under construction in Scotland, Northern Ireland and the Republic of Ireland. Shares of the company fell 0.6% to 1,383p at afternoon trading. AR