Credit Suisse mandated as lead adviser to sell SSE’s stake in Clyde wind farm – sources

02 Oct 2015 – Credit Suisse [VTX:CSGN] has been appointed by UK utility SSE [LON:SSE] as lead adviser for a 49% stake sale of its Clyde onshore wind farm, two bankers with knowledge of the situation said. The stake is valued at about GBP 600m, both sources said.

Clyde is a 350MW operational wind farm in Scotland and a construction-stage 172.8MW extension project. 

Mergermarket’s sister publication, Infranews, previously reported Rothschild’s role as an additional financial adviser to the sale, and that CMS Cameron McKenna is legal adviser. 

Infranews also reported that non-binding bids are due on 7 October. The deal will likely be completed by early 2016, one banker said. 

Buying interest will likely come from pension funds and renewable energy funds, the second banker said. More than 20 firms have signed non-disclosure agreements, the first banker added. 

Its GBP 600m valuation may put bidders off as no UK firm has attempted to sell a stake of an onshore wind farm with a value this high, the first banker said. 

The Clyde project is one of the UK’s largest onshore wind projects and has been operational since 2011. It cost around GBP 500m to build and receives Renewable Obligation Certificate (ROC) subsidies. 

SSE and Credit Suisse did not respond to requests for comment.

By Katie McQue

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