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SSE is seeking to raise £2bn in fresh equity to help fund a new £33bn investment plan aimed mainly at upgrading and expanding electricity networks in Britain by the end of the decade.
The FTSE 100 energy company plans to invest about £22bn in the high-voltage electricity networks in Scotland and about £5bn in lower-voltage networks in Scotland and southern England.
The remaining £6bn will go towards projects such as the giant Dogger Bank offshore wind farm that SSE is building off the north-east coast of England.
The plan, unveiled on Wednesday, represents a significant increase on SSE’s previous strategy to invest £17.5bn by 2027.
As well as the £2bn equity raise, the plan will be funded by about £21bn of cash flow from its existing power stations and electricity networks. SSE also anticipates a rough £14bn increase in adjusted net debt and hybrid capital and to raise £2bn through asset sales.
The proposals are in line with the UK government’s plan to decarbonise the power sector by 2030, which will require massive investment in electricity networks to move power from wind farms in remote parts of Scotland.
This is a developing story