Britain's SSE on track to invest 7.5 billion stg in low-carbon power

© Reuters. FILE PHOTO: An SSE company logo is seen on signage outside the Pitlochry Dam hydro electric power station in Pitlochry, Scotland, Britain, November 8, 2017. REUTERS/Russell Cheyne

By Susanna Twidale

LONDON (Reuters) -British renewable power generator and network operator SSE (LON:) Plc said on Wednesday it is on track to invest 7.5 billion pounds ($10.62 billion) in low-carbon projects up to 2025.

The company turned its focus to renewable power generation and networks after selling its household energy supply and services arm to OVO Energy at the beginning of 2020 in a deal worth 500 million pounds.

SSE is building the world largest offshore wind farm, Dogger Bank, off the coast of Britain with Norway’s Equinor, with both companies selling a 10% to oil firm ENI (MI:) earlier this year while retaining a 40% stake each.

The company on Wednesday also said it expects to sell its stake in Scotia Gas Networks (SGN) by the end of the year with the disposal process beginning during mid-summer 2021.

SSE on Wednesday reported a 1% rise in adjusted operating profit to 1.507 billion pounds for the year ending March 31.

The impact of coronavirus led to a 170 million pound hit to profits for the financial year, as measures to limit the spread of the virus hit energy demand, SSE said.

It did not give any guidance for the 2021/22 full year but said would maintain its five year dividend plan to March 2023.

($1 = 0.7065 pounds)

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