SSE Renewables reported an operating profit of almost £732m (€845m) for the year ended 31 March 2021, up from just over £567m the previous year.
The utility provider’s preliminary results also showed a drop in investment and capital expenditure from £342.7m to £294.3m.
During the year total renewable generation stood at 10,171GWh compared to 11,385GWh the previous year.
The board reported that the company’s £7.5bn capex plan is on track with construction well under way at flagship SSE Renewables projects including Seagreen, Viking and the world’s largest offshore wind farm at Dogger Bank
It has also continued to develop an attractive pipeline that would see SSE reach a run rate of at least 1GW of new assets a year during the second half of this decade and now expects to exceed its target for trebling its renewable output by 2030.
Further medium- to long-term growth options continue to progress in areas such as international wind, pumped storage hydro, carbon capture and storage (CCS), hydrogen, and batteries.
SSE chair Sir John Manzoni said: “We have made significant progress on our non-core disposals programme, creating value for shareholders while continuing to sharpen the group’s strategic focus on its low-carbon electricity core in networks and renewables, where our capital investment programme is progressing well.
“Looking ahead, a strong balance sheet, underpinned by world-class assets, gives us a firm footing from which to capitalise on the considerable future growth opportunities we are creating in the transition to net zero.
“Our ESG credentials continue to grow and, as a Principal Partner of COP26, we are focused on creating value for shareholders and society.
“We are reducing emissions, investing in a green recovery, creating over a thousand new jobs, making a major contribution to GDP and, financially, continuing to remunerate shareholders through delivery of our dividend plan to 2023.”