SSE PLC SSEN TRANSMISSION BOND - CORRECTION (1268Z)
09 Enero 2024 - 6:34AM
UK Regulatory
TIDMSSE
RNS Number : 1268Z
SSE PLC
09 January 2024
SSE PLC
SSEN TRANSMISSION ISSUES NEW GBP500m GREEN BOND - CORRECTION TO
DISCLOSURE RELEASED ON 9 JANUARY 2024
SSE plc wishes to inform the market of correction to the
announcement made at 09:01(RNS number: 0937Z) on 9 January 2024:
The reference to 'today' or 'today's' below in the announcement
should have read 8 January 2024. All other details remain
unchanged.
The original announcement is set out below.
SSE PLC
SSEN TRANSMISSION ISSUES NEW GBP500m GREEN BOND
SSEN Transmission, the 75%-owned subsidiary of SSE plc, has
successfully issued a GBP500m 20-year green bond maturing 15
January 2044 at a fixed coupon of 5.5 per cent., with an all-in
funding cost of 5.575 per cent.
Today issuance is SSE's seventh green bond in eight years and
reaffirms its status as the largest UK corporate issuer of green
bonds. This brings the total outstanding green bonds issued by SSE
and subsidiaries to GBP3.7bn, of which GBP1.3bn has been issued
directly by SSEN Transmission.
The proceeds from today's green bond will specifically help
finance and/or refinance critical national infrastructure projects
within SSEN Transmission, with the business benefiting from strong
visibility over future growth through Ofgem's Large Onshore
Transmission Investments (LOTI) re-opener and the Accelerated
Strategic Transmission Investment (ASTI) framework.
The visibility from LOTI and ASTI, alongside greater certainty
over supply chain costs, led to SSE updating its investment
programme, or Net Zero Acceleration Programme Plus (NZAP Plus), in
November 2023. SSE now expects to invest GBP20.5bn across the five
years to 2026/27, with SSEN Transmission expected to invest around
GBP7.5bn net (around GBP10bn gross) in that period.
Barry O'Regan, SSE's Chief Financial Officer, said:
"SSE is investing in high-quality assets right across the group
and our Transmission business has a significant pipeline of
nationally important investments which will make a significant
impact as Scotland and the UK seek to meet renewables deployment
and climate targets. These projects are essential to the clean
energy transition and this bond therefore offers an attractive
proposition to investors looking to channel finance into green
infrastructure.
"Today's new green bond has been extremely well received and was
3.5 times oversubscribed. This new issuance is consistent with our
commitment to maintaining a strong balance sheet through financial
discipline and will help us deliver our increased GBP20.5bn
investment under our NZAP Plus."
Notes
SSE's latest published Green Bond Report can be found at
https://www.sse.com/greenbond , along with an Assurance Report from
PwC and DNV's Opinion Report on this new green bond issuance.
SHET plc, trading name SSEN Transmission, are responsible for
the electricity transmission network in the north of Scotland,
maintaining and investing in the high voltage 132kV, 220kV, 275kV
and 400kV electricity transmission network. More information on
this business can be found on our website ssen-transmission.co.uk
.
Enquiries
SSE Investor Michael +44 (0)345 0760
Investors Relations ir@sse.com Livingston 530
Glenn Barber
Raymond +44 (0)345 0760
Media SSE Media media@sse.com Buchanan 530
+44 (0)7885 224
MHP Group Oliver Hughes 532
+44 (0)7584 142
James McFarlane 665
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(END) Dow Jones Newswires
January 09, 2024 07:34 ET (12:34 GMT)
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