SSE has mapped a five-year, £6bn capital investment programme, the majority of which will be spent on renewables.
The utility-developer said 70% of the overall target will go towards green energy and electricity networks to March 2023.
Spending under the heading in the next financial year to end-March 2019 will hit £1.7bn, the company said in preliminary annual results today.
Adjusted operation profit in SSE’ renewable generation division increased from £391.6m in 2016-17 to £474.9m in 2017-18, largely on the back of increased output.
The company has around 3.8GW of renewables generation in operation, including pumped storage and biomass, which is expected to reach over 4.2GW by 2020, the company added.
Overall, SSE pre-tax profit was just under £1.45bn, down from £1.54bn for the 2016-17 year. Capital investment during the year was £1.5bn, down from £1.7bn.
SSE chairman Richard Gillingwater said the operational performance for the year was “very robust”.
The capex programme represents “significant progress” but the forthcoming 12 months will be a period of “major transition”.
Image: SSE’s 169MW Galway Wind Park in Ireland (SSE)
SSE maps £6bn spending splurge
By EBS