The Ontario Teachers’ Pension Plan Board is spending £1.5bn in the transaction that will help “unlock significant growth in both the transmission business and across the wider SSE Group”.
SSE said the deal reflects the “significant growth potential” of its transmission business as it is one of Europe’s fastest growing. It added that the network has a central role in helping the UK meet net zero targets and shore up energy security.
It is currently used to access renewable resources in the north of Scotland and transport that low-carbon power to areas with higher demand further south.
SSE also expects the business to experience further growth following the publication of Ofgem’s Accelerated Strategic Transmission Investment framework.
This was a consultation launched by the regulator on the electricity transmission network upgrades that will be needed to meet the government's 2030 renewable electricity generation ambitions.
It includes proposals to...