SSE acquires Seeboard Trading

Scottish and Southern Energy (SSE) have announced plans to acquire Seeboard Trading from EDF Energy in a deal worth £7.8m. Around 70 employees will transfer to SSE as a result of the acquisition.

Seeboard Trading finances and operates street lighting replacement and maintenance projects for Dorset County Council and the London boroughs of Islington and Ealing under the Private Finance Initiative (PFI). The projects cover around 90,000 street lighting columns and have at least 20 years to run.

Through its subsidiary, Southern Electric Contracting, and in partnership with the asset finance division of The Royal Bank of Scotland, SSE already has PFI contracts to replace and maintain around 210,000 street lighting columns for Stoke on Trent City Council; Leeds City Council; Newcastle City Council and North Tyneside Council.

In addition to the PFI replacement and maintenance contracts, SSE has contracts with 22 local authorities in England, Wales and Scotland to maintain over one million street lights. This includes a contract with St Helens Council, which was recently signed and marks SSE’s first in the north west of England.

‘Additional street lighting PFI contracts are now unlikely to be awarded before 2010, and so this is a unique opportunity to build further our presence in this increasingly important sector,’ said Colin Hood, chief operating officer of SSE.