Energy futureSSE acquires wind farm operator Airtricity
Dublin-based Airtricity develops and operates wind farms in the United Kingdom, Ireland, continental Europe, and China; Scottish and Southern Energy, eager to have more of a presence in renewable energy, acquires it
Celtic pride: Scottish and Southern Energy (SSE) entered into an agreement to acquire Airtricity, a Dublin-based renewable energy company, from its current shareholders. The agreement is subject to clearance by the Irish Competition Authority and by the Irish and Northern Ireland energy regulators and the acquisition is expected to be completed in the first quarter of 2008. SSE said that it will assume liability for Airtricity’s net debt of €375 million, giving an enterprise value of €1,455 million for the business being acquired. In addition to the equity value of €1,080 million, €746.5 million will be paid in consideration for the net proceeds received by Airtricity for the disposal of its North American business, resulting in a total cash consideration of €1,826.5 million.
Airtricity develops and operates wind farms in the United Kingdom, Ireland, continental Europe, and China, and supplies electricity to mainly commercial customers in Ireland.
Following the acquisition, SSE expects to have over 3,500MW of operating renewable energy capacity - including hydro, pumped storage and biomass - by 2013.
