Growing our renewables pipeline17 Jun 2022
The Net Zero Acceleration Programme promises a trebling of SSE’s renewables capacity by 2031 with early delivery already under way. SSE is currently building more offshore wind than anyone else in the world and its renewables business continues to expand its sector leading pipeline, now standing at 11GW with opportunities in development to grow this to a sustained target of 15GW. In January 2022, SSE and its partners Marubeni and CIP celebrated success in Crown Estate Scotland’s ScotWind seabed leasing auction. This was SSE’s preferred site and, once constructed, will become one of the largest floating wind projects in the world with a potential capacity of at least 2.6GW.
Plans to export SSE’s significant capabilities to overseas markets gained momentum with the acquisition of an 80% interest in an offshore wind development platform in Japan. The new joint ownership company, SSE Pacifico, will pursue the development of offshore wind projects in Japan. SSE has taken initial steps into the emerging US offshore market, establishing a permanent base in Boston better to pursue options.
In Europe, SSE entered tender bids for the 1.4GW Hollandse Kust (west) wind farm development zone in the Netherlands; a 50/50 joint venture with Acciona is progressing in Spain and Portugal; application has been made, also with Acciona, for offshore development rights in the Baltic Sea in Poland; and most recently it acquired Siemens Gamesa Renewable Energy’s (SGRE) Southern Europe wind, solar and batteries development platform. The SGRE portfolio includes c.3.9GW of onshore wind development projects – around half located in Spain with the remainder across France, Italy and Greece – with scope for up to 1GW of additional co-located solar development opportunities. SSE Renewables also takes on a team of around 40 employees who bring considerable local knowledge and expertise to complement the substantial experience of the existing SSE team in delivering major projects.
Emerging international options present pipeline opportunities; however, capital discipline will continue to guide investment decisions.
SSE also has consent for the UK’s largest pumped storage hydro project at Coire Glas and there has been material progress in the policy and regulatory environment for such vital long-duration storage schemes.