SSE sells part of major Moray Firth windfarm project to Danish investment boutique

Perth-based Scottish & Southern Energy (SSE) has sold off part of its shareholding in the Beatrice Offshore Wind Farm to fund management company Copenhagen Infrastructure Partners (CIP) for an undisclosed price.

Following the disposal, SSE owns a 50% share of the Moray Firth project, CIP will own 25% with Repsol maintaining its ownership of the remaining 25%.

This sale aligns with SSE’s strategic review of its offshore wind portfolio in March 2014 and secures an additional strong partner to take the project forward to a final investment decision.

Brian McFarlane, Beatrice windfarm Director, said: “The Beatrice project has continued to make significant progress since our review of offshore development projects in March this year, achieving consent and securing an investment contract from the UK Government.

“Whilst there is still a significant amount of work to be done, this latest milestone allows the project to continue progressing towards a Final Investment Decision in 2016. We will be working closely with Repsol, CIP and our supply chain partners, to further reduce costs and refine the development and construction programme.”

A spokesman for the Scottish Renewables trade association commented: ‘This announcement is fantastic news for the Beatrice project and demonstrates how attractive Scotland’s offshore wind industry can be to investors.

“All of the offshore wind developments planned for the Moray Firth have the potential to bring huge social, economic and environmental benefits to the north east, while those in the Forth and Tay offer similar opportunities for communities and businesses in those regions.

“All commercial-scale offshore wind developments in Scotland have now received planning consent from Scottish ministers, and announcements like this show the industry’s commitment to keeping these projects moving forward in Scottish waters.”