SSE secures £400m EIB loan facility

31st Mar 2010 07:11

SSE Renewables, the renewable energy development division of Scottish and Southern Energy (SSE) has secured a £400m loan facility from the European Investment Bank (EIB) to help finance the development of renewable energy schemes in the UK and Ireland. The EIB funding takes the total funding which SSE has secured since July 2008 to almost £3.8bn. SSE also said that it still expects to reach a level of adjusted full-year profit before tax consistent with the 'moderate' increase referenced in May 2009 and to deliver a full-year dividend of at least 70 pence per share. "We are in the middle of a five year programme to invest around £3bn in renewable energy. The EIB funding will support our well-financed investment progrmme and help deliver assets which are needed to help meet EU, UK and Irish renewable energy targets," said finance director Gregor Alexander.