TIDMSSE

RNS Number : 6602Y

SSE PLC

17 January 2022

SSE bolsters renewables pipeline with success in ScotWind seabed leasing auction

SSE Renewables and its ScotWind partners Japanese conglomerate Marubeni Corporation (Marubeni) and Danish fund management company Copenhagen Infrastructure Partners (CIP), through one of its funds, have been notified by Crown Estate Scotland that they have been successful in the ScotWind auction for new offshore wind leases in Scotland.

The partnership has been awarded the rights for 858 square kilometres of seabed to develop an offshore wind project of up to 2.6GW of capacity in the E1 area off the east coast of Scotland. SSE owns a 40% share of the development rights with Marubeni and CIP each owning 30%.

Due to the water depths of the site, floating wind technology will be deployed, making this one of the largest commercial scale floating wind farm opportunities in the world.

Success in ScotWind further demonstrates SSE's position as the leading offshore wind developer in Scotland, where the company is currently building Seagreen, which will be Scotland's largest and the deepest fixed bottom offshore wind farm in the world when completed. SSE Renewables is also developing the Berwick Bank offshore wind farm, which at up to 4.1GW will be one of the largest projects in the world when completed by the end of this decade.

SSE plc recently published its Net Zero Acceleration Programme, which included fully funded GBP12.5bn strategic capital investment plans to 2026 alongside ambitious 2031 targets, aligned with 1.5 degree science based targets. The plans for renewables include an increase of 4GW of renewables installed capacity (net) over the 5 years to 2026, doubling installed renewables capacity to 8GW (net). In addition, the programme includes ambitious new 2031 targets including a fivefold increase in renewables output to 50TWh, maintaining a sustained renewables pipeline in excess of 15GW, and a trebling of SSE's owned renewables capacity to over 13GW (net) from c.4GW today. The ScotWind project brings SSE's secured pipeline to around 11GW with further opportunities in development to grow this to the sustained 15GW target.

Alistair Phillips Davies, Chief Executive of SSE, said :

"We are delighted to have been successful in winning our preferred site in the highly competitive ScotWind process, which is testament to the strength of our partnership with Marubeni and CIP. Projects like these can help reduce the UK's exposure to volatile wholesale markets, keeping prices down for consumers and creating skilled jobs in the process. As demonstrated by our recent GBP15m investment in a new tower factory at Nigg, as a national clean energy champion we are committed to delivering the wider jobs and opportunities for Scotland that a thriving offshore wind industry can bring. This ScotWind project will also lead to billions more direct and indirect investment into the Scottish economy over its lifetime. The major increase in offshore wind through ScotWind will also drive the requirement for investment in the electricity Transmission network in the North of Scotland and demonstrates again the strong alignment between renewables and networks at the core of the SSE Group."

SSE and its partners have already invested significant funds and resources into pre-award development of the project and following acceptance of the lease Option Agreement, will continue this development with a view to submitting a timely consent application. Grid applications have already been made.

ENDS

   Media: media@sse.com  | +44 (0)345 0760 530 ;               MHP Communications: 
   Sam Peacock, Glenn Barber, Pavel Miller                          Oliver Hughes and Simon Hockridge 

07885 224 532 / 07709 496 125

Investors: ir@sse.com | +44 (0)345 0760 530

Sally Fairbairn, Michael Livingston

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

MSCFLFIILDIDLIF

(END) Dow Jones Newswires

January 17, 2022 05:11 ET (10:11 GMT)

Sse (LSE:SSE)
Historical Stock Chart
From Apr 2022 to May 2022 Click Here for more Sse Charts.
Sse (LSE:SSE)
Historical Stock Chart
From May 2021 to May 2022 Click Here for more Sse Charts.