SSE makes £12.5bn investment in net-zero

SSE will make a £12.5bn capital investment to accelerate progress towards net zero, increasing its investment by two thirds to support its push to decarbonise.

The new programme will see SSE enable delivery of over a quarter of the UK’s 40GW offshore wind target by 2030 and over 20 per cent of the necessary upcoming electricity networks investment in the UK, as well as continuing its international expansion.

"After all the commitments made at COP26, now is the time to deliver. Our Net Zero Acceleration Programme represents the next phase of SSE’s growth and involves a substantial ramping up of investment – equivalent to nearly £7m each day in low-carbon infrastructure – backed up by clear delivery and funding plans," said Alistair Phillips-Davies, the chief executive of SSE.

The Net Zero Acceleration Programme will deliver, by 2026, £1bn additional capital investment per year versus previous plans, a doubling of existing renewables net installed capacity to 8GW and a renewables development pipeline in excess of 15GW

The programme will be supported by further partnering in renewables and up to 25 per cent minority stake sales in SSEN Transmission and SSEN Distribution. With electricity demand set to more than double in the transition to net-zero, SSE sees significant growth potential in these core networks businesses and selling minority stakes will enable it to unlock this growth to the fullest whilst maintaining an attractive balance of capital allocation across the Group.

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