ENERGY giant SSE has sold its remaining UK PFI (private finance initiative) streetlight projects to an Amsterdam-based investment fund.
The three projects acquired by DIF Infrastructure IV are located in Newcastle and North Tyneside, Stoke on Trent and Leeds.
The projects are availability based and have all been operating for more than five years. All projects benefit from long term financing provided by RBS. Operations and lifecycle will continue being performed by an affiliate of SSE under a long term contract.
PwC advised Perth-headquartered SSE on the sale.
Ruth Kynoch from PwC Corporate Finance, who led the transaction, said: “We are delighted to have supported SSE on this transaction. We restructured the projects and ran the sales process assisting SSE to realise maximum value for the sale.”
The PwC team, headed up in Scotland, was led by Ruth Kynoch with support from Amy Edwards, Rachael Wraith and Nicola Hume on the transaction.
The value of the deal was not disclosed, but in 2014 SSE sold seven PFI streetlight projects to Equitix for £326.4m, which included £97.5m cash with the remainder reduces debt from SSE’s books. SSE is the largest external public lighting contractor in the UK.
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