SSEN Transmission, the 75%-owned subsidiary of Perth-based electricity infrastructure giant SSE plc, said on Tuesday it has successfully launched its second issuance in the Euro bond market with a €750 million long 8-year green bond maturing on November 2, 2033, at a fixed coupon of 3.375%.

SSE said the new green bond “has been swapped to Sterling giving an all-in funding cost of 5.23%.”

The debt sale is SSE’s 10th green bond in eight years and reaffirms its status as the UK’s largest corporate issuer of green bonds.

“This brings the total outstanding green bonds issued by the SSE Group to £5.5bn, with £2.7bn issued directly by SSEN Transmission,” said SSE.

“The proceeds from today’s green bond will specifically help finance and/or refinance critical infrastructure as part of a £22bn+ investment programme to upgrade the transmission network across the north of Scotland.

“As a mass transporter of renewable energy, SSEN Transmission has a major role to play in supporting delivery of Scotland and the UK’s 2030 net zero targets, connecting new onshore and offshore renewables generation and transporting the power generated to demand centres in the rest of Scotland and beyond.”

Scottish Hydro Electric Transmission plc (SHET), trading as SSEN Transmission, is responsible for maintaining and investing in the high voltage 132kV, 220kV, 275kV and 400kV electricity networks in the north of Scotland.

It is 25% owned by Ontario Teachers’ Pension Plan Board. 

SSE chief financial officer Barry O’Regan said: “SSE is at the heart of the clean energy transition, investing in high-quality assets across the group.

“Our transmission business is growing rapidly and this bond offers yet another attractive proposition to investors looking to finance green infrastructure.

“This is SSEN Transmission’s second issuance in the Euro bond market. It adds to our growing green bond portfolio and is consistent with our commitment to maintaining a strong balance sheet through financial discipline.”