SSE to sell stake in transmission network business enterprise for $1.78 bln

Nov 25 (Reuters) – British energy generator and community operator SSE (SSE.L) said on Friday it had arrived at an agreement to offer a 25% stake in its ability transmission community company to Ontario Teachers’ Pension Plan Board for 1.47 billion lbs . ($1.78 billion).

The company, SSEN Transmission – which operates less than its accredited entity – Scottish Hydro Electric powered Transmission plc, will be chaired by SSE’s finance director, Gregor Alexander, and Ontario Teachers’ will get a proportional representation on the board.

The stake sale process is expected to commence in early 2023.

Power firms in Britain have been hit by the government’s options to enhance a windfall tax to 35% from its recent level of 25% and increase it to electrical power technology corporations in an effort and hard work to raise tens of billions of lbs to plug a big hole in public finances.

($1 = .8258 kilos)

Reporting by Radhika Anilkumar in Bengaluru editing by Uttaresh.V and Savio D’Souza

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