Freshfields advises SSE plc on £1.465bn sale of a 25% stake in its electricity transmission network business to Ontario Teachers’ Pension Plan
Freshfields Bruckhaus Deringer ('Freshfields') advised SSE plc on the sale of a 25% stake in Scottish Hydro Electric Transmission plc (SSEN-T) to Ontario Teachers’ Pension Plan for consideration of £1.465bn. SSE has the largest renewable electricity portfolio in the UK and Ireland, and SSEN-T is the licensed entity responsible for operating SSE’s electricity transmission network business in the north of Scotland.
The disposal is part of SSE's fully-funded Net Zero Acceleration Programme under which SSE is set to invest £12.5bn by 2026 as it looks to expand its renewables output and accelerate progress towards net zero. SSE believes SSEN-T has a central role to play in this process by unlocking the vast renewable resources available in the north of Scotland.
The Freshfields team was led by partners Julian Pritchard and Nick Jones and senior associate Michael Black. Partner Richard Lister advised on IP and commercial workstreams, with partner Michele Davis advising on antitrust matters. Partners Dawn Heath and David Mendel provided pensions and employment advice respectively. Tax advice was provided by partner Peter Clements and counsel Jenny McIvor provided finance advice.