SSE share price: Energy group snaps up gas assets

on Jul 29, 2015
Updated: Oct 21, 2019

SSE Plc (LON:SSE) has this morning announced the acquisition of gas assets.

**Highlights from SSE’s statement:**
SSE plc, through its wholly-owned subsidiary SSE E&P UK Limited, has entered into an agreement with Total E&P UK Limited to acquire: a 20% interest in the four gas fields and surrounding exploration acreage approximately 125km north west of the Shetland Islands, collectively known as the Greater Laggan Area; and a 20% interest in the new Shetland Gas Plant.
The value of the transaction will comprise consideration of £565m for the assets (which reflects their value based on an effective economic date of 1 January 2015, including associated UK capital allowances) plus additional forecast investment of £350m in the period to 2018 to complete the entire development.
The transaction will be financed by a future bond issue and by proceeds from SSE’s ongoing programme to dispose of assets to support a range of future investments.
As of 07:13 BST, Wednesday, 29 July, SSE PLC share price is 1,507.00p.

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