Ontario Teachers’ Pension Plan Board has signed an agreement with Scottish energy provider SSE to acquire a 25 percent minority stake in its electricity transmission network business, SSEN Transmission.
The transaction will involve the exchange of an estimated £1.5 billion ($1.8 billion) in cash proceeds for the 25 percent stake.
SSEN Transmission, which operates under its licensed entity Scottish Hydro Electric Transmission, transports electricity generated from renewable resources — including onshore and offshore wind and hydropower — from the north of Scotland across more than a quarter of the U.K.
Ontario Teachers’ investment will help support the U.K. government’s net-zero 2050 targets, including the delivery of 50 gigawatts of offshore-wind capacity by 2030.
“With the north of Scotland home to the U.K.’s greatest resources of renewable electricity, we have a critical role to play in helping deliver the U.K. and Scottish governments’
