SSE plans to invest $2.8bn in low-carbon power projects
Join Our Newsletter - Get important industry news and analysis sent to your inbox – sign up to our e-Newsletter here
X

SSE plans to invest $2.8bn in low-carbon power projects

27 May 2021 (Last Updated May 27th, 2021 16:24)

SSE is planning a £2bn ($2.8bn) investment in low-carbon power projects as part of its investment plan to 2025.

UK-based energy company SSE is planning to invest almost £2bn ($2.8bn) in low-carbon power projects this year.

The investment is part of the company’s £7.5bn ($10.5bn) investment plan to 2025. This plan includes the construction of the world’s largest offshore wind farm at Dogger Bank, as well as Scotland’s largest and deepest offshore wind farm at Seagreen.

The plan also includes the infusion of up to £2.8bn ($3.9bn) by 2026 for connecting large quantities of new renewable power and transporting it via the electricity transmission system.

SSE is planning to create an undersea electricity ‘superhighway’ on the UK’s east coast to transfer renewable power from the north of Scotland to centres of the population.

It is also working towards other potential opportunities for connecting more islands to the electricity grid in order to unlock renewable resources.

The firm is also exploring additional investments as the UK prepares to host the 26th UN Climate Change Conference (COP26).

SSE chief executive Alistair Phillips-Davies said: “The UK is leading the world in the decarbonisation agenda and SSE is powering that change. We want to keep the momentum up and ensure the economic recovery helps tackle the climate emergency too.

“This is a pivotal year for the planet in our fight against climate change. As a Principal Partner of COP26, we are supporting the UK Government’s efforts to drive more urgent and ambitious climate action.

“At the same time, we are focused on ensuring equitable social outcomes from the net-zero transition, and through our investment programme, we are building projects that will not only help tackle climate change but will create green jobs and revitalise communities along the way.”

SSE re-emphasised its plan to build at least 1GW of assets a year during the second half of the decade.

It is also planning to explore opportunities to export its renewables overseas, as well as exporting engineering expertise to other countries.

The company expects to begin a sale process for its 33% stake in gas network operator SGN later this year, expecting to conclude it before the end of the year.

Earlier this month, SSE Thermal and Equinor announced plans to build a 900MW gas-fired power plant with carbon capture technology (CCS) at Peterhead, Scotland.