SSE's wind farm sale blows over

20th Jul 2011 10:02

Scottish and Southern Energy's sale of a 50% interest in its Braes of Doune wind farm in Scotland has fallen through after "market conditions" forced buyer Climate Change Capital to postpone raising capital for the purchase.In June, SSE agreed to sell its 50% interest (36MW) in the onshore wind farm to a fund managed by Climate Change Capital for for £61.3m. "While it is disappointing that the sale of Braes of Doune has not been completed, these things have to be looked at in context. The asset will continue to deliver revenue for SSE and the proposed proceeds were not required to help fund SSE's investment programme," Gregor Alexander, finance director of SSE, said.SSE had inked this deal in an attempt to optimise its wind farm portfolio. It sold its 100% interest in three onshore wind farms in April 2011.Shares of SSE were trading up 0.5% at 1,420p in London. AR