New Sustainability Linked Credit Facilities

SSE PLC

24 October 2024

 

SSE PLC

SSE PLC ("SSE") and SCOTTISH HYDRO ELECTRIC TRANSMISSION PLC ("SSEN TRANSMISSION") ENTER NEW SUSTAINABILITY LINKED COMMITTED REVOLVING CREDIT FACILITES TOTALLING £3.0bn

SSE and SSEN Transmission have successfully signed new committed Revolving Credit Facilities ("RCF") totalling £3.0bn through two £1.5bn facilities with a group of 15 relationship banks. Both facilities will run to October 2029, with options to extend to October 2031.

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. 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.

Barry O'Regan, SSE's Chief Financial Officer, 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."

Notes

SSE plc is the UK and Ireland's clean energy champion, our purpose is to provide the energy needed today while building a better world of energy for tomorrow. We do this by developing, building, operating, and investing in electricity infrastructure and businesses needed in the transition to net zero. This includes onshore and offshore wind farms, hydro, electricity transmission and distribution networks, power stations, carbon capture and hydrogen, solar and batteries, as well as providing energy products and services for businesses and other customers. For more information go to sse.com.   

Scottish Hydro Electric Transmission plc (SHET), trading name SSEN Transmission, is responsible for maintaining and investing in the high voltage 132kV, 220kV, 275kV and 400kV electricity networks in the north of Scotland. SSEN Transmission is 25% owned by investment partner, Ontario Teachers' Pension Plan Board. For more information go to ssen-transmission.co.uk.  

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