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Ontario Teachers’ agrees to acquire a 25% stake in SSEN Transmission to deliver renewable energy to millions of homes across the UK

LONDON, UK – Ontario Teachers’ Pension Plan Board (‘Ontario Teachers’) has reached an agreement with Scotland-based energy provider SSE plc (‘SSE’) to acquire a 25% minority stake in its electricity transmission network business, SSEN Transmission, to provide clean, affordable renewable energy to millions of homes and businesses across the UK.

The transaction is based on an effective economic date of 31 March 2022, and total cash proceeds of £1,465m for the 25% stake are expected at completion. The transaction is expected to complete shortly.

SSEN Transmission, which operates under its licenced entity, Scottish Hydro Electric Transmission plc, transports electricity generated from renewable resources – including onshore and offshore wind and hydro – from the north of Scotland across more than a quarter of the UK land mass. The investment by Ontario Teachers’ will help support the UK Government’s Net Zero 2050 targets, including the delivery of 50GW of offshore wind capacity by 2030.

Charles Thomazi, Senior Managing Director, Head of EMEA Infrastructure & Natural Resources, from Ontario Teachers’ said:

“SSEN Transmission is one of Europe’s fastest growing transmission networks. Its network stretches across some of the most challenging terrain in Scotland – from the North Sea and across the Highlands – to deliver safe, reliable, renewable energy to demand centres across the UK.

We’re delighted to partner again with SSE and are committed to supporting the growth of its network and the vital role it plays in the UK’s green energy revolution.”

Rob McDonald, Managing Director of SSEN Transmission, said:

“With the north of Scotland home to the UK’s greatest resources of renewable electricity we have a critical role to play in helping deliver the UK and Scottish Governments net zero commitments.  Our investments will also be key to securing the UK’s future energy independence through enabling the deployment of homegrown, affordable, low carbon power.

“With significant growth forecast in transmission, bringing in Ontario Teachers’ as a minority stake partner will help fund our ambitious investment plans as we continue to deliver a network for net zero emissions across the north of Scotland.” 

Ontario Teachers’ Infrastructure & Natural Resources group invests in electricity infrastructure worldwide to accelerate the energy transition with current investments including Caruna, Finland’s largest electricity distributor, Evoltz, a leading electricity transmission platform in Brazil, and Spark Infrastructure, which invests in essential energy infrastructure in Australia to serve over 5 million homes and businesses.

About Ontario Teachers’
Ontario Teachers' Pension Plan Board (Ontario Teachers') is a global investor with net assets of $242.5 billion as at June 30, 2022. We invest in more than 50 countries in a broad array of assets including public and private equities, fixed income, credit, commodities, natural resources, infrastructure, real estate and venture growth to deliver retirement income for 333,000 working members and pensioners.

With offices in Hong Kong, London, Mumbai, San Francisco, Singapore and Toronto, our more than 400 investment professionals bring deep expertise in industries ranging from agriculture to artificial intelligence. We are a fully funded defined benefit pension plan and have earned an annual total-fund net return of 9.6% since the plan’s founding in 1990. At Ontario Teachers’, we don’t just invest to make a return, we invest to shape a better future for the teachers we serve, the businesses we back, and the world we live in. For more information, visit and follow us on Twitter @OtppInfo.

About SSE

SSE has the largest renewable electricity portfolio in the UK and Ireland, providing energy needed today while building a better world of energy for tomorrow. It develops, builds, operates and invests in low-carbon electricity infrastructure needed in the transition to net zero, including onshore and offshore wind, hydro power, electricity transmission and distribution grids, and efficient gas, alongside providing energy products and services for businesses. UK listed, SSE is a major contributor to the UK and Ireland economies, employs around 11,000 people and is real Living Wage and Fair Tax Mark accredited.

SSE's strategy is to create value for shareholders and society in a sustainable way by developing, building, operating, and investing in the electricity infrastructure and businesses needed in the transition to net zero. Its strategic focus is on renewables and regulated electricity networks, businesses which have strong, net zero-aligned growth potential with common skills and capabilities in the development, construction, procurement, financing, and operation of world-class, highly technical electricity assets.

About SSEN Transmission

SSEN Transmission is responsible for the electricity transmission network in the north of Scotland, investing in and maintaining the high voltage 132kV, 220kV, 275kV and 400kV electricity transmission network.

SSEN Transmission’s strategic objective is to enable the transition to a low carbon economy.  It does this by building the electricity transmission network infrastructure required to connect and transport renewable electricity from the north of Scotland to areas of demand, as it delivers a network for net zero emissions.

Media contact:

Oliver Mann
Kekst CNC
+44 203 7551 607

Hugh Christopher
Senior Manager, External Communications