SSE is planning to reduce its ownership in the 664MW Beatrice offshore wind farm in the UK, by divesting a 25% stake to fund management firm Copenhagen Infrastructure Partners (CIP).
The £3bn wind farm is being developed by SSE Renewables and Repsol Nuevas Energias UK.
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Upon completion of the transaction, SSE will own a 50% interest in the project and Repsol will hold a 25% stake, besides CIP.
Located in Outer Moray Firth, Scotland, the wind farm is scheduled to become operational in 2019.
Beatrice project director Brian McFarlane said: "The Beatrice project has continued to make significant progress since our review of offshore development projects in March this year, achieving consent and securing an Investment Contract from the UK Government.
"Whilst there is still a significant amount of work to be done, this latest milestone allows the project to continue progressing towards a Final Investment Decision in 2016. We will be working closely with Repsol, CIP and our supply chain partners, to further reduce costs and refine the development and construction programme."
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By GlobalDataEarlier in August 2013, the Moray Council has approved to carry out the onshore transmission works related with linking the Beatrice wind farm to the UK electricity grid.
The onshore transmission works will feature about 20km of underground cable from a landfall point to the west of Portgordon and a new substation which the cable will connect to, located adjacent to the existing substation at Blackhillock near Keith.
Image: The 664MW Beatrice offshore wind farm is located in Outer Moray Firth, Scotland, UK. Photo: Courtesy of SSE.
