By Jaime Llinares Taboada
SSE PLC said on Wednesday that it would accelerate investments in renewable energy through fiscal 2026, increasing its profits by up to 7% per year during that period, and that it would seek to sell minority stakes in its power grid divisions.
The energy company’s net zero acceleration program includes a fully funded £ 12.5 billion ($ 16.79 billion) capital investment plan through 2026. This represents a 65% increase in l annual investment compared to the previous plan of £ 1 billion per year. The money allocated to develop the renewable energy activity will represent 40% of the total and has more than doubled compared to the previous program.
The company’s goal is to add 4 gigawatts of renewable capacity, doubling current capacity, and increase the value of its power grid assets to £ 9 billion.
The plan will include new partnerships in the field of renewable energies and the sale of minority stakes in the activities of SSEN Transmission and SSEN Distribution.
In addition, SSE plans to increase its adjusted earnings per share at a compound annual growth rate of 5% to 7% through March 2026 and pay dividends of at least GBP 3.50 over five years.
Write to Jaime Llinares Taboada at [email protected]; @JaimeLlinaresT