LONDON - British energy supplier SSE said on Tuesday it has completed the sale of its 33.3% stake in gas distribution operator Scotia Gas Networks Ltd (SGN) to a consortium for nearly 1.29 billion pounds ($1.70 billion).
SGN is a British gas distribution company which manages a network piping natural gas to 5.9 million homes and businesses across Scotland and the south of England.
The buying consortium comprises the SGN existing shareholder Ontario Teachers’ Pension Plan Board as well as Brookfield Super-Core Infrastructure Partners (Brookfield), the firm said.
"Following the sale of SGN and prior sales of SSE’s GB domestic energy supply business, and its gas production business, the Group’s strategic focus is now firmly on clean electricity infrastructure," SSE said in a statement.
The proceeds of the sale will reduce the company's net debt in the short term and will help support the delivery of SSE’s net zero emissions programme, it added.
($1 = 0.7548 pounds)
