British energy supplier SSE announced Tuesday that it had sold its 33.3% stake at gas distribution operator Scotia Gas Networks Ltd to a consortium for almost 1.29 billion pounds ($1.70 trillion).
SGN, a British gas distribution company, manages a network of natural gas pipes that reaches 5.9 million homes in Scotland and South England.
According to the firm, the buying consortium includes the SGN shareholder Ontario Teachers’ Pension Board and Brookfield Super Core Infrastructure Partners (Brookfield).
SSE stated in a statement that the Group’s strategic focus now is firmly on clean electricity infrastructure, following the sale of SGN, as well as prior sales of SSE’s GB domestic power supply business and its gas production businesses.
It stated that the proceeds from the sale will be used to reduce the company’s short-term net debt and to support SSE’s delivery of its net zero-emission program.