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MarketScreener Homepage  >  Equities  >  London Stock Exchange  >  SSE plc    SSE   GB0007908733

SSE PLC

(SSE)
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Total to acquire 51% stake in SSE $3.7 billion UK wind farm project

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06/03/2020 | 11:45am EDT
Logo of Total company on a gas station in Montreuil

French oil major Total said on Wednesday it will acquire a 51% stake in SSE's Seagreen 1 British offshore wind farm project, adding it represented a global investment of around 3.7 billion dollars.

Oil companies like Total have been ramping up investment in renewable projects in a bid to reduce their reliance on fossil fuel products and increase their exposure to low-carbon investments.

The Seagreen 1 project is located 27 kilometres from the coastline in Scottish waters of UK North Sea.

Once complete in 2022-23 the wind farm is expected to have capacity of 1,075 megawatts of electricity, enough to power around 1 million homes.

The project secured a 15-year guaranteed minimum price of almost 42 pounds per megawatt hour for around 40% of the electricity it will produce at last year's British renewable subsidy auction.

Total said in a statement it will pay an upfront payment at closing of 70 million pounds and earn-outs up to 60 million pounds in aggregate, subject to performance conditions.

In a separate statement, British utility SSE said it signed a contract with turbine manufacturer MHI Vestas Offshore Wind to provide the blades for the project, which would be manufactured at its site in the Isle of Wight.

MHI Vestas is a venture between Denmark's Vestas Wind Systems A/S and Japan's Mitsubishi Heavy Industries <7011.T.>

(Reporting by Benoit Van Overstraeten in Paris and Susanna Twidale in London, Editing by Elaine Hardcastle and Ed Osmond)

Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.98% 43.24 Delayed Quote.-34.38%
ONE STOP SYSTEMS, INC. 1.23% 1.95 Delayed Quote.-3.47%
SEA LIMITED -1.67% 121 Delayed Quote.205.94%
SSE PLC 2.64% 1317.5 Delayed Quote.-8.17%
THE GLOBAL LTD. -3.30% 205 End-of-day quote.-56.48%
TOTAL S.A. 0.48% 33.32 Real-time Quote.-32.28%
VESTAS WIND SYSTEMS A/S -0.93% 742.4 Delayed Quote.11.32%
WTI 2.42% 40.565 Delayed Quote.-33.37%
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Sales 2020 7 508 M 9 475 M 9 475 M
Net income 2020 592 M 747 M 747 M
Net Debt 2020 10 434 M 13 168 M 13 168 M
P/E ratio 2020 16,8x
Yield 2020 5,91%
Capitalization 13 631 M 17 235 M 17 202 M
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EV / Sales 2020 3,21x
Nbr of Employees 12 111
Free-Float 99,5%
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