UK utility Scottish and Southern Energy has announced that it has made a further investment of GBP1.1 million in renewable energy firm Solarcentury Holdings, bringing its total interest in the firm to 12.3%.
<p>Scottish and Southern Energy's (SSE) further investment forms part of a new GBP13.5 million round of financing that will enable Solarcentury to fund its product development and international expansion strategy. <br /><br />SSE said that it recognizes the growing contribution of renewable technologies in the UK energy market and said that the investment marks its confidence in the future of the renewable energy sector.<br /><br />In addition, the firm's further investment in the Solarcentury business reflects the success of the existing relationship between the two companies. Indeed, SSE's subsidiary, Southern Electric Contracting, is Solarcentury's preferred installer.<br /><br />SSE also revealed that on August 28, 2007, Merrill Lynch International purchased 500,000 of the company's ordinary shares on its behalf, at an average price of GBP13.94 per share, for cancellation.<br /><br />Since it first purchased its own shares in this financial year, on June 7, 2007, SSE has purchased 11,185,000 of its own shares for cancellation at a weighted average price (before costs) of GBP14.39, and an aggregate consideration of GBP160.97 million.</p>