SSE shares climb on asset sales

FTSE 100 energy firm SSE (LON:SSE) saw its share price climb by 3.83% to 1,376.85p (as of 10:20 BST) after it announced the disposal of its stake in two energy-to-waste assets. The company is selling its positions to an infrastructure fund for a total cash consideration of £995 million. The proceeds will be used to fund further low-carbon projects.

Finance Director Gregor Alexander commented: “This sale marks a major step in our plans to secure at least £2bn from disposals by autumn 2021, with just over £1.4bn now delivered. While these multifuel assets have been successful ventures for SSE, they are non-core investments and we are pleased to have agreed a sale that delivers significant value for shareholders while sharpening our strategic focus on our core low-carbon businesses.

“Our disposal programme demonstrates how the company can create value from our assets and supports our plans to invest £7.5bn over the next five years in the low-carbon infrastructure needed to stimulate a green economic recovery and help the UK transition to a net-zero future“.