Acquisition of Keadby Wind Farm Project

RNS Number : 9683G

Scottish & Southern Energy PLC

20 May 2011

 



SCOTTISH AND SOUTHERN ENERGY PLC

ACQUISITION OF KEADBY WIND FARM PROJECT

SSE (Scottish and Southern Energy plc) has reached agreement on the acquisition of a wind farm close to SSE's existing Keadby power station in North Lincolnshire, from Renewable Energy Systems Group (RES).

The Keadby Wind Farm was developed by RES Group and the 34 turbine project received planning consent in 2008.  Once constructed, the project will have an installed capacity of between 68 and 85MW and provide enough clean, green energy to power the equivalent of between 38,000 and 47,000 UK homes¹

Keadby wind farm is the largest consented wind farm in England and will be SSE's first consented wind farm in the country.  Subject to a final investment decision, SSE expects to begin construction of the wind farm in late 2011 with an expected project completion date of early 2014.  The acquisition of Keadby supports the scale and composition of SSE's investment programme to 2015.  

In its six-month financial report in November 2010, SSE said it was continuing the process of optimising its wind farm portfolio with both disposals and acquisitions.  In line with this, in April 2011, SSE disposed of its equity interest in three operating wind farms in Scotland and Northern Ireland, totalling 96.8MW.  

Gregor Alexander, Finance Director of SSE, said:

"We have said that we will pursue both acquisitions and disposals in order to optimise our wind farm portfolio in the UK, and this acquisition of Keadby wind farm, which is SSE's first consented wind farm in England, is completely in line with that objective. It adds to the diversity of our wind portfolio and the site's proximity to our existing power station helps make this an appealing project to take forward to construction.

"As an established generator in the area, we have a long-standing commitment to the local community around Keadby, which will only be strengthened by this deal."

1.        ¹ Homes equivalent calculation source: http://www.bwea.com/edu/calcs.html

 

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