Linklaters advises SSE Thermal and Equinor on £341m acquisition of Triton Power Holdings Ltd
Linklaters has advised SSE and Equinor on an agreement to acquire Triton Power Holdings Ltd for a total consideration of £341m.
Following completion of the transaction, SSE Thermal and Equinor will focus on using the Triton Power portfolio as a platform to develop more low-carbon projects to support the transition to net zero, building on the decarbonisation work already carried out by Triton.
Triton Power operates Saltend Power Station, located in East Yorkshire, which is a potential primary offtaker to Equinor’s H2H Saltend hydrogen production project. H2H Saltend is expected to kick-start the wider decarbonisation of the Humber region as part of the East Coast Cluster, one of the UK's first carbon capture, usage and storage clusters.
In addition, the portfolio includes Indian Queens Power Station in Cornwall, and Deeside Power Station in north Wales.
The transaction represents another step forward for SSE Thermal and Equinor’s existing collaboration, with a shared ambition to decarbonise the Humber, which is the UK’s most carbon-intensive industrial region, as well as the UK more widely.
The transaction is expected to complete in September subject to UK National Security Filing and EU Merger Control.
The cross-practice Linklaters team consisted of corporate partner Chris Staples and energy & infrastructure partner Richard Coar.
Richard Coar, commented:
“We are delighted to have advised Equinor and SSE on another project which will contribute to the decarbonisation of the UK energy industry, having recently advised them on Dogger Bank A, B & C, which is the world’s largest offshore wind farm.”
Linklaters specialises in large scale, award winning and market-leading Energy & Infrastructure transactions across the world, providing sector focused advice within the context of M&A transactions, specifically around asset level due diligence and joint ventures as well as advice on regulatory and government agreements.
