Plus   Neg

SSE To Divest 50% Stake In MEL1, MEL2 Energy-from-waste JVs For £995 Mln Cash

SSE plc (SSE.L) Tuesday announced its agreement to sell its 50% share in energy-from-waste joint ventures Multifuel Energy Limited or MEL1 and Multifuel Energy 2 Limited or MEL2 for a total cash consideration of 995 million pounds.

The shares are being bought by European Diversified Infrastructure Fund III, an infrastructure fund managed by First Sentier Investors.

The company expects to complete the transaction by late 2020 subject to antitrust approval by the European Commission.

MEL1 and MEL2 are 50-50 joint ventures between SSE and Wheelabrator Technologies Inc. They consists of the operational Ferrybridge Multifuel 1 and Ferrybridge Multifuel 2 facilities, as well as the Skelton Grange Multifuel development project, all in West Yorkshire.

SSE in June 2020 had identified its interests in MEL1 and MEL2 as an early priority for sale as part of a strategy to secure at least 2 billion pounds from disposals of non-core assets by autumn 2021.

The proceeds of SSE's disposals will support the company's plans to invest 7.5 billion pounds in low-carbon energy infrastructure over the next five years, helping the UK to reach net-zero carbon emissions, as well as reduce SSE's net debt.

SSE said it retains its 50% interest in the Slough Multifuel project, which is co-owned with Copenhagen Investment Partners.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
The Federal Aviation Administration issued first airworthiness certificate for one of the new Boeing 737 Max jets on Monday since the aircraft was grounded worldwide in March 2019 following two crashes that killed 364 people, media reports quoting a FAA spokesman said. Amazon Web Services or AWS, the cloud division of Amazon, announced the launch of new virtual computing instances, known as EC2 Mac instances, for Apple app developers. The new Mac instances will help AWS users to run Apple's macOS operating system on Amazon Elastic Compute Cloud or Amazon EC2. EC2 Mac instances will allow customers to run on-demand macOS workloads in the AWS cloud. You stand a chance to win a free mouth-watering and saucy McRib Sandwich from McDonald's, that will be reintroduced on December 2 after being off its menu since 2012. But there is a condition. McDonald's will be giving out a FREE McRib to the first 10,000 entries that post a picture of their cleanly-shaven or baby-smooth face on their public Twitter or public Instagram profile.
Follow RTT