SSE to sell stake

Scottish and Southern Energy has disclosed that it is going to dispose off a fifty per cent shareholding in the Greater Gabbard offshore wind turbine undertaking where it had forked out three billion sterling pounds.

Ian Marchant, the Chief Executive Officer of Scottish and Southern Energy revealed that the energy utility was intending to dispose off the fifty per cent shareholding in May in order to get into an equal-basis joint venture with Fluor Corporation which is based in the United States.

The chief executive officer revealed that Scottish and Southern Energy had made the decision to partner with Fluor’s in order to ensure that Greater Gabbard remained operational and as way of managing their risk.

Ian Marchant added that it was also the only way to ensure that the project was completed and for the timely delivery of the wind turbines. He further added that even though there were intending to dispose it off the board of directors of the company would be the one to make the final decision.

The five hundred and four megawatt wind energy generation project which is the biggest offshore wind farm in the world has entered into a wind energy turbine reservation contract with Siemens Wind Power which is a subsidiary of the German firm, Siemens AG. The commissioning of the wind farm will take place in 2 stages but will have been completed in 2011.

Scottish and Southern Energy had at the beginning of the year acquired Airtricity which is a wind energy developer based in Ireland and is now planning to put in more than two and a half sterling pounds in the doubling of its renewable energy generation volume.