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LONDON - SSEN Transmission, a 75%-owned subsidiary of SSE plc, has issued a €750 million green bond with an 8-year maturity to November 2, 2033, the company announced Tuesday.
The bond carries a fixed coupon of 3.375% and has been swapped to Sterling, resulting in an all-in funding cost of 5.23%, according to a press release statement.
This marks SSEN Transmission’s second issuance in the Euro bond market and SSE’s tenth green bond in eight years. The latest issuance brings SSE Group’s total outstanding green bonds to £5.5 billion, with £2.7 billion issued directly by SSEN Transmission.
Proceeds from the bond will help finance or refinance infrastructure projects as part of a £22 billion-plus investment program to upgrade the transmission network across northern Scotland.
SSEN Transmission operates the high voltage electricity networks in northern Scotland and is responsible for transporting renewable energy to demand centers in Scotland and beyond. The company is 25% owned by Ontario Teachers’ Pension Plan Board.
"SSE is at the heart of the clean energy transition, investing in high-quality assets across the Group. Our transmission business is growing rapidly and this bond offers yet another attractive proposition to investors looking to finance green infrastructure," said Barry O’Regan, SSE’s Chief Financial Officer, in the statement.
The bond issuance is part of SSE’s commitment to maintaining a strong balance sheet through financial discipline, the company stated.
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