UK-based electricity utility Scottish and Southern Energy has completed a review of its plans and investment opportunities in renewable energy following its acquisition of Ireland-based Airtricity Holdings in February 2008.
When it entered into the agreement to acquire Airtricity, Scottish and Southern Energy (SSE) said that it expected to have over 3,500MW of operating renewable capacity in the UK and Ireland by 2013. Following a comprehensive review of its renewable energy projects, SSE has revised the target to 4,000MW.
Additionally, SSE is pursuing onshore and offshore wind farm developments in Europe and onshore developments in China which could add well over 500MW to its renewable energy portfolio by 2013.
SSE noted that it has achieved 2,000MW of renewable capacity in March 2008. The company said that the delivery of an additional 2,000MW of renewable capacity in the UK and Ireland by 2013 is likely to require a capital investment of over GBP2.5 billion in wind and hydro electric schemes, with investment expected to peak in 2010-11.
Ian Marchant, SSE's CEO, said: "The acquisition of Airtricity has given SSE a stronger platform from which to deliver renewable energy in the UK, Ireland, Europe and in China as well. The range of investment opportunities in renewables which we now have will contribute significantly to the growth of SSE over the next decade."
