SSE Subsidiary Agrees to GBP350 Million Placement to Support Renewables

By Joe Hoppe

SSE PLC said Thursday that its subsidiary SSEN Transmission has agreed a 350 million pound ($459.7 million) private placement to fund investments in electricity transmission infrastructure for renewable energy.

The FTSE 100 energy company said that the placements will be issued in two equal tranches of GBP175 million, the first maturing in June 2032 and the second in June 2037. The tranches carry rates of 3.13% and 3.24% respectively.

The terms were agreed with Pricoa Private Capital, part of PGIM, Inc. and include a three-month delayed draw, with the proceeds expected to be received in June this year.

The proceeds will be used to fund part of SSEN's program of investments in transmission network infrastructure, which will help accommodate the significant increase in renewables needed to transition the U.K. to net zero emissions, and will also cover existing maturing debt.

"This placement is on attractive terms and demonstrates the diversification of funding options available to the transmission business as we deliver this growth," SSE Finance Director Gregor Alexander said.

Write to Joe Hoppe at joseph.hoppe@wsj.com

(END) Dow Jones Newswires

March 31, 2022 11:31 ET (15:31 GMT)

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