SSE renewables - trebling sse's green energy output by 2030
SSE Renewables is a leading developer and operator of renewable energy across the UK and Ireland, with a portfolio of around 4GW of onshore wind, offshore wind and hydro. Part of the FTSE-listed SSE plc, its strategy is to drive the transition to a zero-carbon future through the world class development, construction and operation of renewable energy assets.
SSE Renewables owns nearly 2GW of onshore wind capacity with over 1GW under development. Its 1,450MW hydro portfolio includes 300MW of pumped storage and 750MW of flexible hydro. Its offshore wind portfolio consists of 580MW across three offshore sites, two of which it operates on behalf of its joint venture partners. SSE Renewables has the largest offshore wind development pipeline in the UK and Ireland at over 7GW.
A leading energy company in a low carbon world
Here is Jim Smith, managing director of SSE Renewables, sets out why SSE has consolidated all of its renewables interests into one single entity.In November 2018 SSE announced it is bringing together the development, operation and ownership of its renewable energy assets in the UK and Ireland under a single entity to be known as SSE Renewables.
The creation of SSE Renewables is a step towards SSE’s vision of being a leading energy company in a low carbon world and is in line with SSE’s commitment, set out in its Business Update in May 2018, to take forward a new business model that gives a greater focus on core businesses including renewables, gives investors greater visibility of assets and earnings, and gives each of its businesses the best platform for future success.
SSE Renewables will comprise SSE’s existing operational assets, and assets under development and construction in the UK and Ireland, in:
- onshore wind;
- offshore wind;
- flexible hydro electricity;
- run-of-river hydro electricity; and
- pumped storage.
The creation of SSE Renewables leads to five key opportunities:
- An experienced and dedicated management team, supported by skilled employees, focused entirely on creating value from developing, operating and owning renewable energy assets, including fulfilling the potential of offshore wind and delivering renewed impetus in onshore wind;
- Enhanced ability to raise finance from diverse sources, building on SSE’s position in project financing renewables projects and as the largest issuer of green bonds from the UK corporate sector;
- Greater scope to secure growth through entering into strategic and financial partnerships and joint ventures with companies with a shared commitment to decarbonisation of the electricity system, taking forward SSE’s established capability in partnering with other organisations;
- More potential to add to future growth opportunities by extending its core competencies in renewable energy to other technologies and geographies, where the right risk/reward balance can be achieved; and
- Greater visibility for investors, with comprehensive financial and operational disclosures through renewables group-specific reporting.