Wednesday 20 July 2011

SSE lose out on wind farm buyer

Climate Change Capital have pulled out of a 50% share buy of the Braes of Doune onshore wind farm, owned by Scottish and Southern Energy. Due to financial market conditions, Climate Change Capital has decided to postpone its associated fund raising.Gregor Alexander, Finance Director of SSE, said: "While it is disappointing that the sale of Braes of Doune has not been completed, these things have to be looked at in context. The asset will continue to deliver revenue for SSE and the proposed proceeds were not required to help fund SSE's investment programme."In June 2011, SSE agreed to sell its 50% interest (36MW) in the Braes of Doune onshore wind farm to a fund managed by Climate Change Capital, subject to completion of the remaining steps in the process.