SSE subsidiary makes deal with Scottish Equity Partners

Wholly-owned SSE subsidiary SSE Ventures has completed a deal with Scottish Equity Partners (SEP).

SEP's new Environmental Energies Fund (EEF) has acquired a portfolio of cleantech investments owned by SSE Ventures. As part of the deal, SSE Ventures has become a major partner in the new fund.

Under the deal, the new Environmental Energies Fund (EEF) has acquired nine investments from the SSE Ventures portfolio. The fund will have substantial fresh capital available for investment in the portfolio and also has agreement to add up to five further SSE investments to the portfolio in future.

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SSE's Finance Director, Gregor Alexander, said: "SEP have a strong track record in helping innovative companies grow and mature. By moving our cleantech investments into the Environmental Energies Fund we can ensure the companies are able to benefit from the track record and expertise of SEP, draw upon the financial resources of the new partners and ultimately deliver a better return on our initial investment.

"We continue to believe that cleantech companies have an important role to play in developing new technologies and that is why we continue to be involved as a major partner in the EEF."

The share price rose 0.31% to 1,289p by 14:49.

NR