Scottish & Southern Energy PLC
11 January 2005
SCOTTISH AND SOUTHERN ENERGY PLC
INVESTMENT IN SOLARCENTURY
Scottish and Southern Energy plc ('SSE') has acquired 7.5% of the share capital
in solarcentury, the largest independent solar photovoltaics (PV) company in the
UK, for a total cash consideration of £1 million.
Solar PV generates electricity directly from light and solarcentury is the
leading independent solar energy solutions company in the UK. It works directly
with architects, housing developers and engineers and has helped around 400
businesses, local authorities and homes go solar since it was founded in 1999.
The two companies have also entered into a collaboration agreement. As a result
of this, solarcentury's expertise in solar energy will be brought together with
SSE's electrical contracting business in order to market the provision and
installation of solar energy solutions to a growing number of customers
throughout the UK. They have already combined to provide and install solar PV
for a variety of organisations, such as the National Trust and Spitalfields
market in London.
SSE's investment in solarcentury follows its investment in October 2004 in
Renewable Devices Swift Turbines Ltd, the developer of a leading
rooftop-mountable wind energy system, and is in line with its commitment to
expand the range of energy services and products that it offers to customers.
Ian Marchant, Chief Executive of SSE, said: 'SSE already has substantial
interests in the generation of electricity from renewable sources such as hydro,
wind and biomass. This deal with solarcentury complements both this and the
agreement entered into with Renewable Devices last year. It will help us build
on our position as the largest green energy company in the UK and is a
significant step forward in our plans to expand the range of energy services
which we can provide to customers.'
Jeremy Leggett, Chief Executive of solarcentury, said: 'This is an excellent
step forward for solarcentury and SSE - and for the solar market in the UK. Our
goal is to help create a cleaner world and a sustainable future - and this
partnership with the UK's largest generator of renewable energy will help us
move towards that goal. We are operating in one of the world's fastest growing
industries and the new equity capital raised, which also includes additional
amounts from private investors, strengthens our balance sheet and enables us to
accelerate our new product development programme to maximise returns from
numerous attractive, high growth markets.'
Enquiries to:
Scottish and Southern Energy
Alan Young, Director of Corporate Communications 0870 900 0410
Denis Kerby Investor and Media Relations Manager 0870 900 0410
solarcentury
Jeremy Leggett, Chief Executive 0207 803 0100
NOTES
Solarcentury was advised in this transaction by Envirocapital.
SSE's contracting group employs over 3,000 engineers, electricians and pipe
fitters throughout the country and operates from more than 40 regional offices
throughout the country. It has four main areas of activity: industrial,
commercial and domestic mechanical and electrical contracting; electrical and
instrumental engineering; street and highway lighting; and specialist
contracting for the turnkey design, build and refurbishment of facilities
requiring a controlled environment.
-ENDS-
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