CMS advises SSE plc on the £355m sale of stake in Clyde Wind Farm

CMS has advised SSE plc (SSE) on the signing of agreements for the disposal of 49.9 per cent of its operational 349.6MW Clyde Wind Farm to Greencoat UK Wind Plc (UKW) and GMPF & LPFA Infrastructure LLP (GLIL), a partnership between the Greater Manchester Pension Fund and the London Pensions Fund Authority, for a headline consideration of £355 million.

An extension to the Clyde Wind Farm is currently under construction and, once completed, will increase the capacity of the Wind Farm to 522.4MW.

The disposal of a stake in the Clyde Wind Farm, located in South Lanarkshire, marks a key milestone in SSE’s established programme of asset disposals, announced in March 2014, taking SSE beyond its £1 billion target and releasing further capital to support future investment.

The CMS team was led by London partners Doug Land and Charles Currier and involved a large team spread across CMS’ London, Glasgow, Edinburgh and Aberdeen offices.

Mr Land said: “We are very pleased to have assisted SSE’s in-house legal team to deliver this strategic transaction, which forms part of SSE’s high profile asset disposal programme.

“CMS is consistently ranked as a top tier law firm in respect of renewable energy transactions and, with a significant presence in both Scotland and London, we are particularly well placed to advise on renewable energy transactions involving Scotland.”