By Mark McSherry
Perth-based electricity infrastructure giant SSE plc and its subsidiary SSEN Transmission have signed new sustainability-linked Revolving Credit Facilities totalling £3 billion through two £1.5 billion facilities with a group of 15 relationship banks.
Both facilities will run to October 2029, with options to extend to October 2031.
SSE is the biggest listed firm run from Scotland.
“The new SSE plc £1.5bn RCF replaces a £1.3bn RCF that was due to mature in March 2026 and a £200m bilateral facility that was due to mature in October 2026,” said SSE.
“The new £1.5bn SSEN Transmission RCF refinances and increases its existing £750m RCF that was due to mature in November 2026.
“Both RCFs are sustainability linked using business-specific ESG Key Performance Indicators (KPIs) directly linked to key areas of SSE’s and SSEN Transmission’s sustainability strategy, covering reductions in GHG emissions intensity, Scope 1 & 2 emissions reductions, gender diversity, community investment, capital expenditure on connecting renewables and suppliers setting science-based emission reduction targets.
“Combined, these RCFs will support delivery of SSE’s Net Zero Acceleration Programme Plus (NZAP Plus) which will see around £20bn invested in mission critical national infrastructure.
“Now at its half-way point, this five-year plan to 2026/27 is focused on the networks, renewables and system flexibility that are central to government clean energy ambitions.”
SSE chief financial officer Barry O’Regan said: “SSE is at the heart of the clean energy transition investing in high-quality assets right across the group.
“Our renewables and transmission businesses are growing strongly, delivering nationally important investments, which will make a significant impact as the UK seeks to meet renewables deployment and climate targets.
“Both SSE’s and SSEN Transmission’s projects are mission-critical to these efforts and these new committed bank facilities provide a good liquidity base, consistent with our commitment to maintaining a strong balance sheet through financial discipline whilst delivering value-enhancing investment.”