November 14 (Renewables Now) - UK utility SSE Plc (LON:SSE) said today it will bundle its renewable energy assets in the UK and Ireland into a single entity to benefit from an enhanced fundraising ability and greater visibility for investors, among other advantages.
The new firm will be called SSE Renewables and will house all of the SSE group’s operational under-development and under-construction assets in the UK and Ireland related to onshore and offshore wind, flexible hydro electricity, run-of-river hydropower and pumped storage. The group estimates its operational assets will have a combined capacity exceeding 4 GW at the end of March 2019, depending on the execution of the potential sale of stakes in the 228-MW Stronelairg and 94-MW Dunmaglass onshore wind farms.
SSE said that the new company will remain focused on the UK and Ireland, but noted that its creation would also lead to more opportunities in different markets, which the group is already assessing.
The formation of SSE Renewables is expected to be largely concluded by the end of the current fiscal year, with Jim Smith, currently SSE’s Managing Director of Generation, being appointed as Managing Director Designate of the new firm.