SSE plc is consolidating the development, operation and ownership of its renewable energy assets in the UK and Ireland under a single entity.
SSE Renewables will comprise SSE's offshore and onshore wind projects, and flexible hydroelectricity, run-of-river hydroelectricity, and pumped storage assets that are operational or under development and construction in the UK and Ireland.
The creation of the entity is expected to result in the creation of more opportunities in different renewable energy markets, SSE said, adding that the process of early assessment of potential opportunities is already underway.
SSE Renewables will have its own management team, with Jim Smith, currently SSE’s Managing Director Generation, acting as the Managing Director Designate and leading the work being done to prepare for the formation of the new entity.
The consolidation is expected to largely be completed by the end of the current financial year. Management of and reporting in relation to the new entity is likely to begin in advance of the formal incorporation.
According to SSE, the establishment of the entity is in line with the company's commitment, set out in its Business Update in May, to take forward a new business model that gives greater focus on core businesses including renewables.
“The creation of SSE Renewables is the latest step in our strategic goal to give greater focus to renewable energy, give investors greater visibility of assets and earnings in the future and give each of the businesses in SSE the best platform for success," said Alistair Phillips-Davies, Chief Executive of SSE plc.
“Success will mean maximising SSE’s contribution to the ongoing decarbonisation of the electricity system and creating value for shareholders and society in a sustainable way, with a clear focus on maximising future growth opportunities."