SSE has completed the sale to Equitix of its 100% equity interest in seven street lighting PFI projects for £326.4m, including £97.5m cash and the removal of significant debt from SSE’s books.
The special purpose entities that are being sold have a 25-year agreement with their respective local authorities, under which they have the responsibility for the replacement, operation and maintenance of the street lighting assets of that local authority. SSE Contracting will retain operational responsibility under subcontract to Equitix.
SSE's remaining street lighting asset portfolio, which comprises equity interests in four further PFI projects, will be put up for sale in the next few months.
In a separate interim results announcement, SSE also said that its subsidiary Scottish Hydro Electric Transmission was making good progress in its section of the Beauly-Denny replacement line, with all of the foundations laid, 530 of the 539 towers erected and 85% of the route wired.