Scottish energy company SSE has revealed plans to invest £12.5bn (US$16.8bn) by 2026 in renewable energy and electricity networks as part of its efforts to expedite the transition towards net zero.
The company said that to support the global push to decarbonisation, it will increase its capital investment by two thirds, which comes to £1bn more per year. Previously, SSE had announced an investment of £7.5bn by 2025 in its electricity network and renewables businesses.
The latest announced investment will be divided approximately 40-40-20 across networks, renewables, and other net-zero-aligned business of the group.
Under the new programme, the company expects to facilitate delivery of more than 25% of the UK’s offshore wind target of 40GW by the end of this decade. For this, 2.5 times more capital has been allocated to the growth of its renewable energy capacity.
The Scottish energy company will aim to double its current net installed capacity of renewable power to 8GW as per the new net zero acceleration programme.
The company also aims to meet over 20% of the required investment in upcoming electricity networks in the UK apart from continuing its expansion in international markets.
The updated plan will allocate capital expenditure (CAPEX) of £5bn towards its electricity networks.
For more information visit SSE’s website.