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

SSE PLC

(SSE)
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SSE Sells Stake in Energy-From-Waste Projects for $1.3 Billion

10/13/2020 | 02:37am EST

By Jaime Llinares Taboada

SSE PLC said Tuesday that it has agreed to sell its 50% stake in the Ferrybridge and Skelton Grange energy-from-waste joint venture projects for 995 million pounds ($1.30 billion) to an infrastructure fund managed by First Sentier Investors.

The FTSE 100 energy company said that the transaction, which is expected to complete by late 2020, is part of its strategy to secure at least GBP2 billion from disposals of non-core assets by autumn 2021. SSE has now delivered GBP1.4 billion out of the GBP2 billion target, Finance Director Gregor Alexander noted.

"The proceeds of these disposals will support the company's plans to invest GBP7.5 billion in low-carbon energy infrastructure over the next five years, helping the U.K. to reach net-zero carbon emissions, as well as reduce SSE's net debt," SSE said.

Ferrybridge and Skelton Grange are joint ventures between SSE and Wheelabrator Technologies Inc. Ferrybridge entered commercial operation in 2019, and Skelton Grange was due to reach financial close next year. The assets, located in West Yorkshire, U.K., were identified by SSE as an early priority for sale as part of its disposal strategy.

Write to Jaime Llinares Taboada at jaime.llinares@wsj.com; @JaimeLlinaresT

(END) Dow Jones Newswires

10-13-20 0236ET

Stocks mentioned in the article
ChangeLast1st jan.
MSCI UNITED KINGDOM (STRD, UHD) 0.17% 994.663 Real-time Quote.-16.60%
SSE PLC 0.07% 1380 Delayed Quote.-4.07%
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Financials
Sales 2021 6 824 M 9 082 M 9 082 M
Net income 2021 790 M 1 052 M 1 052 M
Net Debt 2021 9 350 M 12 444 M 12 444 M
P/E ratio 2021 19,4x
Yield 2021 5,89%
Capitalization 14 273 M 19 025 M 18 997 M
EV / Sales 2021 3,46x
EV / Sales 2022 3,43x
Nbr of Employees 11 676
Free-Float 99,1%
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Number of Analysts 19
Average target price 1 472,28 GBX
Last Close Price 1 380,00 GBX
Spread / Highest target 25,0%
Spread / Average Target 6,69%
Spread / Lowest Target -13,4%
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Managers
NameTitle
Alistair Phillips-Davies Chief Executive Officer & Executive Director
Richard D. Gillingwater Chairman
Gregor Alexander Finance Director & Executive Director
Martin Pibworth Director & Director-Group Energy & Commercial
Sue Bruce Independent Non-Executive Director
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