SSE to sell Ferrybridge Power Station waste-to-energy units for £995m
Energy company SSE has agreed to sell its share in the Ferrybridge Power Station site for almost £1 billion.
SSE confirmed they had agreed to sell their 50 per cent share in the site's two energy-from waste ventures, known as Multifuel Energy Limited and Multifuel Energy 2 Limited, for a massive £995 million.
It comes exactly one year after the demolition of the station's famous cooling towers, which drew thousands of people from across the county.
SSE said the sale was part of a priority plan to secure £2 billion in sales of non-essential assets by Autumn 2021.
Gregor Alexander, Finance Director, said: “This sale marks a major step in our plans to secure at least £2bn from disposals by autumn 2021, with just over £1.4bn now delivered.
"While these multifuel assets have been successful ventures for SSE, they are non-core investments and we are pleased to have agreed a sale that delivers significant value for shareholders while sharpening our strategic focus on our core low-carbon businesses.
“Our disposal programme demonstrates how the company can create value from our assets and supports our plans to invest £7.5bn over the next five years in the low-carbon infrastructure needed to stimulate a green economic recovery and help the UK transition to a net-zero future.”
The multifuel ventures opened in 2015 and 2019 and are capable of processing around 1.5 million tonnes of waste every year.