Linklaters has advised SSE Thermal and Equinor on the deal, while Latham & Watkins has advised Energy Capital Partners.
SSE and Equinor signed 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.
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.
SSE plc is a multinational energy company headquartered in Perth, Scotland.
Equinor is an international energy company developing oil, gas, wind and solar energy.
The cross-practice Linklaters team consisted of corporate partner Chris Staples (Picture) and energy & infrastructure partner Richard Coar.
The Latham team was led by London corporate partner Beatrice Lo, with associate Saavan Shah.