SSEN Transmission, a 75%-owned subsidiary of SSE plc, has successfully launched a new €750 million green bond in the Euro market, marking its second such issuance for the company. The eight-year bond matures on 2 November 2033 and carries a fixed coupon of 3.375%, which has been swapped to Sterling, resulting in an all-in funding cost of 5.23%.
This latest issuance represents SSE’s tenth green bond in eight years, underscoring its position as the UK’s largest corporate issuer of green bonds. The combined outstanding green bonds issued by the SSE Group now total £5.5 billion, with £2.7 billion attributed directly to SSEN Transmission.
Proceeds from the bond will finance and refinance critical infrastructure as part of a £22 billion investment initiative to upgrade Scotland’s transmission network. SSEN Transmission’s efforts are pivotal for Scotland and the UK’s 2030 net zero targets, enabling greater connectivity of both onshore and offshore renewable generation to demand centres.
Barry O’Regan, SSE’s Chief Financial Officer, commented: “SSE is at the heart of the clean energy transition, investing in high-quality assets across the Group. Our transmission business is growing rapidly, and this bond offers yet another attractive proposition to investors looking to finance green infrastructure.
“This is SSEN Transmission’s second issuance in the Euro bond market. It adds to our growing green bond portfolio and is consistent with our commitment to maintaining a strong balance sheet through financial discipline.”
The continued growth in green bond issuance by large energy companies like SSE not only signals investor confidence in sustainable infrastructure but also plays a key role in advancing net zero goals and reducing emissions. As the market for green finance expands, such initiatives remain essential for channelling capital into environmentally responsible projects that support Scotland’s future energy landscape.
