Walney 1 & 2

DONG Energy (now Ørsted) sold 25.1% in the Walney offshore wind farm to SSE for approximately GBP 17m upfront plus a performance-contingent element of up to GBP 22m; total up to GBP 39m. SSE also paid its pro-rata share of construction costs separately (~GBP 250m). Total project cost ~GBP 1bn.

DONG Energy sold 24.8% to a consortium of Dutch pension fund PGGM and Ampere Equity Fund (managed by Triodos Investment Management / DIF). Equity consideration approximately GBP 16m, but consortium also paid its pro-rata share of construction costs separately. DONG also entered a 15-year PPA for the consortium's share of output. After this deal, ownership: Ørsted 50.1%, SSE 25.1%, PGGM/Ampere 24.8%.

PGGM Infrastructure Fund acquired the 9.9% stake held by Ampere Equity Fund (managed by DIF), consolidating its position to 24.8% in Walney 1 & 2. Consideration not disclosed. After deal: Ørsted 50.1%, SSE 25.1%, PGGM 24.8%.

Greencoat UK Wind plc "agreed to acquire SSE's 25.1% interest in the Walney I and II offshore wind farms" for a headline consideration of GBP 350 million (RNS, 1 September 2020); the release names the co-owners as Ørsted (50.1%) and PGGM (24.8%). SSE's own half-year accounts confirm the figure from the seller's side, recording proceeds of GBP 350.0m on the sale of SSE Renewables Walney Limited and an exceptional gain of GBP 188.8m; the same note prices an unrelated disposal on an enterprise-value basis, so SSE is distinguishing the two and placing this one in cash proceeds.