Nov 25 Reuters British power generator and network operator SSE said on Friday it had reached an agreement to sell a 25 stake in its power transmission network business to Ontario Teachers39; Pension Plan Board for 1.47 billion pounds 1.78 billion.

The business, SSEN Transmission which operates under its licensed entity Scottish Hydro Electric Transmission plc, will be chaired by SSE39;s finance director, Gregor Alexander, and Ontario Teachers39; will get a proportional representation on the board.

The stake sale process is expected to commence in early 2023.

Power companies in Britain have been hit by the government39;s plans to increase a windfall tax to 35 from its current rate of 25 and extend it to power generation firms in an effort to raise tens of billions of pounds to plug a major hole in public finances.

1 0.8258 pounds

Reporting by Radhika Anilkumar in Bengaluru; editing by Uttaresh.V and Savio D39;Souza

Source Reuters