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SSE finalising wind farm acquisition

10 January 2009

Scottish & Southern Energy (SSE) has said it is in the final stages of a deal to acquire stakes in two wind farm projects.

Although the energy company did not specify which schemes it was planning to get involved in, it did reveal that they were based in Scotland and the Republic of Ireland.

The comments followed news that SSE would raise up to £470 million pounds from share placing which it will spend on, among other things, this most recent acquisition.

"The successful placing of shares will reinforce our balance sheet strength and enhance the range of options open to us," chief executive Ian Marchant said in a statement.

Credit Suisse and Merrill Lynch acted as joint bookrunners to handle the share placing.

According to the company, building work on the Scottish farm, which will be capable of producing between 130MW and 200MW of power, will begin this year.

It is unknown when the Irish farm will be developed but it believed it will be capable of producing 50MW of power.

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Author: Administrator User