Perth, Scotland [RenewableEnergyWorld.com] Scottish and Southern Energy Plc (SSE) plans to invest up to US $30 million in cash for a 20% stake in Geothermal International Ltd (GI). GI supplies ground source heating and cooling systems and has extensive operations throughout the UK, Ireland and, to a lesser extent, Europe and has installed more than 90 megawatts (MW) of capacity.
The investment in GI, which will be made on a phased basis over the next six months, will see shares acquired from existing shareholders and marks the start of a new era in the development and use of renewable energy from the ground in the UK, SSE says.
“SSE is rapidly building a strong portfolio of clean energy businesses that cover almost every part of the renewable and alternative energy market in the UK. Geothermal energy has been an obvious missing piece in this portfolio and this deal fills the gap very effectively,” said Ian Merchant, Chief Executive of SSE.