REG - SSE Plc - SSEN TRANSMISSION BOND - CORRECTION

SSEAnnouncement

09/01/2024 12:45

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RNS Number : 1268Z  SSE PLC  09 January 2024

SSE PLC

SSEN TRANSMISSION ISSUES NEW £500m GREEN BOND - CORRECTION TO DISCLOSURE
RELEASED ON 9 JANUARY 2024

SSE plc wishes to inform the market of correction to the announcement made at
09:01(RNS number: 0937Z) on 9 January 2024: The reference to 'today' or
'today's' below in the announcement should have read 8 January 2024. All other
details remain unchanged.

The original announcement is set out below.

 

SSE PLC

SSEN TRANSMISSION ISSUES NEW £500m GREEN BOND

SSEN Transmission, the 75%-owned subsidiary of SSE plc, has successfully
issued a £500m 20-year green bond maturing 15 January 2044 at a fixed coupon
of 5.5 per cent., with an all-in funding cost of 5.575 per cent.

Today issuance is SSE's seventh green bond in eight years and reaffirms its
status as the largest UK corporate issuer of green bonds. This brings the
total outstanding green bonds issued by SSE and subsidiaries to £3.7bn, of
which £1.3bn has been issued directly by SSEN Transmission.

The proceeds from today's green bond will specifically help finance and/or
refinance critical national infrastructure projects within SSEN Transmission,
with the business benefiting from strong visibility over future growth through
Ofgem's Large Onshore Transmission Investments (LOTI) re-opener and the
Accelerated Strategic Transmission Investment (ASTI) framework.

The visibility from LOTI and ASTI, alongside greater certainty over supply
chain costs, led to SSE updating its investment programme, or Net Zero
Acceleration Programme Plus (NZAP Plus), in November 2023. SSE now expects to
invest £20.5bn across the five years to 2026/27, with SSEN Transmission
expected to invest around £7.5bn net (around £10bn gross) in that period.

Barry O'Regan, SSE's Chief Financial Officer, said:

"SSE is investing in high-quality assets right across the group and our
Transmission business has a significant pipeline of nationally important
investments which will make a significant impact as Scotland and the UK seek
to meet renewables deployment and climate targets. These projects are
essential to the clean energy transition and this bond therefore offers an
attractive proposition to investors looking to channel finance into green
infrastructure.

"Today's new green bond has been extremely well received and was 3.5 times
oversubscribed. This new issuance is consistent with our commitment to
maintaining a strong balance sheet through financial discipline and will help
us deliver our increased £20.5bn investment under our NZAP Plus."

 

Notes

SSE's latest published Green Bond Report can be found at
https://www.sse.com/greenbond (https://www.sse.com/greenbond) , along with an
Assurance Report from PwC and DNV's Opinion Report on this new green bond
issuance.

 

SHET plc, trading name SSEN Transmission, are responsible for the electricity
transmission network in the north of Scotland, maintaining and investing in
the high voltage 132kV, 220kV, 275kV and 400kV electricity transmission
network. More information on this business can be found on our website
ssen-transmission.co.uk (https://www.ssen-transmission.co.uk/) .

 

 

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