SSE raises £470m war chest

Scottish and Southern Energy is placing up to 5 per cent of its share capital in the hope of raising up to £470m for new investments, particularly in wind farms. The announcement that 40 million new shares are to be placed sent the energy group's stock price down 8.2 per cent to 1,159p yesterday. The plan is to use the money for identified investment opportunities, worth £6.7bn over the next five years according to the company.