EIB Loan Facility and Notific

RNS Number : 4700J

Scottish & Southern Energy PLC

31 March 2010

 



SCOTTISH AND SOUTHERN ENERGY PLC

EUROPEAN INVESTMENT BANK LOAN FACILITY AND

NOTIFICATION OF CLOSE PERIOD

SSE Renewables, the renewable energy development division of SSE (Scottish and Southern Energy plc) has secured a £400m loan facility from the European Investment Bank (EIB) to help finance the development of renewable energy schemes in the UK and Ireland.

The  EIB funding takes to almost £3.8 billion the total funding which SSE has secured since July 2008, from: new bonds and loans and proceeds from the placing of 42 million new ordinary shares in January 2009.

SSE enters its close period on 1 April 2010, in advance of its preliminary results for the year to 31 March 2010, which will be published on 19 May 2010. While 2009/10 has been a challenging year, SSE still expects to reach a level of adjusted profit before tax consistent with the 'moderate' increase referenced in May 2009 and to deliver a full-year dividend of at least 70 pence per share.

Gregor Alexander, Finance Director of SSE, said:

"We are in the middle of a five year programme to invest around £3bn in renewable energy.  The EIB funding will support our well-financed investment progrmme and help deliver assets which are needed to help meet EU, UK and Irish renewable energy targets."

 

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