SSE, the Perth-based renewable energy and electricity networks giant, said on Tuesday it agreed to sell its 25.1% non-operating stake in Walney Offshore Wind Farm off the Cumbria coast to Greencoat UK Wind Plc for £350 million. 

“In line with its stated intention in June 2020 to dispose of £2bn of assets by Autumn 2021, SSE has agreed to sell its 25.1% non-operating stake in Walney Offshore Wind Farm to Greencoat UK Wind Plc, subject to a completion process which it expects will take place shortly,” said SSE.

“The stake equates to 92MW (megawatts) of capacity and the total consideration is £350m.”

SSE added: “Following the disposal of SSE’s stake in Walney, SSE’s renewable generation capacity will be around 3.9GW (gigawatts).

“SSE’s current offshore wind portfolio comprises Greater Gabbard Offshore Wind Farm (504MW, SSE share 50%) and Beatrice Offshore Wind Farm (588MW, SSE share 40%), both of which it operates on behalf of its joint venture partners.

“Securing value and cash proceeds from timely disposals will support SSE’s £7.5bn five-year capital expenditure plans to invest in core strategic assets that will support the ongoing transition to net zero emissions. 

“As part of this, SSE’s renewable capacity is set to grow with investments in: Seagreen (1,075MW, SSE share 49%) and Dogger Bank offshore wind farms (3,600MW, SSE share 50%) offshore wind farms, as well as the Viking onshore wind farm on Shetland (443MW, SSE share 100%).

“SSE is leading on the development and construction of all three projects.”

SSE finance director Gregor Alexander said: “Walney has been a good financial investment for SSE but we see it as a non-core asset as we are not the principal operator.

“This transaction is a key first step in our £2bn asset disposal programme announced in June and will enable SSE to build out its £7.5bn low carbon investment programme over the next five years, helping the UK to reach net zero emissions, stimulating a green economic recovery and creating value for shareholders and society”.