Nov 25 (Reuters) – British power generation and network operator SSE (SSE.L) said on Friday it had reached a deal to sell a 25% stake in its transmission network business to Ontario teachers’ retirement for 1.47 billion pounds. Fund Planning Commission ($1.78 billion).
The SSEN Transmission business, which operates under its licensed entity, Scottish Hydro Electric Transmission plc, will be chaired by SSE’s Chief Financial Officer, Gregor Alexander, while the Ontario Teachers Association will receive a percentage representation on the board.
The stake sale process is expected to begin in early 2023.
Britain’s electricity companies have been hit financially by the government’s plans to raise windfall profits tax to 35% from the current 25% and extend it to power generation companies to raise tens of billions of pounds to plug a major hole in the public sector.
($1 = £0.8258)
Reporting by Radhika Anilkumar in Bengaluru; Editing by Uttaresh.V and Savio D’Souza
Our Standards: The Thomson Reuters Trust Principles.