SSE bought half the company 16 years ago for £505m, and sold one sixth of the total shareholding to Abu Dhabi Investment Authority in 2016. That 16.5% stake is also being sold to the Canadian consortium.The sale of the SGN stake is part of an SSE plan to raise £2bn from sale of assets, to reduce debt and focus its investment on renewable power.
"However, it has become purely a financial investment for SSE as we have sharpened our focus on our low-carbon electricity core, and it is therefore the right time for SGN to continue to thrive under new ownership. They are the kind of infrastructure that pension funds like to hold. Canada's seem to be happy to have a reputation for boring income streams.
PSP is the pension fund for Canada's civil service, armed forces and the Mounties police. It has a majority stake in Forth Ports, including Grangemouth, Leith, Dundee and Tilbury..
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