September 25, 2018 / 6:31 AM / a year ago

Britain's SSE to take full ownership of Scottish offshore wind venture

FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne

(Reuters) - British energy supplier SSE (SSE.L) has acquired the other half of offshore wind joint venture Seagreen Wind Energy Limited from Fluor Ltd as it increases its renewable energy ambitions, the company said on Tuesday.

SSE said it would take full ownership of the offshore wind projects being developed by Seagreen and purchase Fluor’s 50 percent stake in the venture for 118 million pounds ($155 million).

Seagreen’s offshore wind projects are located in Scottish waters in the outer Frith of Firth and Frith of Tay. They have a potential capacity of around 1.5 gigawatts (GW), enough to power at least 670,000 homes.

“The Seagreen acquisition aligns with SSE’s ambition to create value from owning, operating and developing clean energy assets and infrastructure,” SSE’s wholesale director, Martin Pibworth, said in a statement.

“SSE’s expertise in the development, construction and operation of offshore wind will be an asset to Seagreen, and we will review the ownership structure in due course,” he added.

SSE also said it was sticking to its outlook for the fiscal year to March 31, after it said earlier this month it expected adjusted operating profit for the six months to Sept. 30 to be around half that of the same period in 2017, which was 586 million pounds.

Last month, SSE and Innogy (IGY.DE) received provisional approval from Britain’s Competition and Markets Authority to merge their retail units.

SSE said the transaction remained on course for completion by the end of the company’s current financial year.

Reporting by Nina Chestney and Arathy S Nair in Bengaluru; Editing by Mark Potter

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