(Reuters) -British utility SSE unveiled a 33 billion-pound ($44.29 billion) five-year investment plan on Wednesday, partly funded by a 2 billion-pound equity raise, as it seeks to upgrade the UK’s regulated electricity networks and its renewables business.
About 80% of the planned spending, or 27 billion pounds, will go toward upgrading the regulated electricity networks, with the remainder invested selectively in renewables and flexible generation assets, the British power company said.
The plan will be funded primarily through cash flow generation and increased borrowing, alongside equity placing and plans to sell about 2 billion pounds worth of assets.
“This Transformation for Growth investment plan is built on a once-in-a-generation opportunity to upgrade the UK electricity network and build a cleaner, more secure and more affordable energy system,” SSE chief executive Martin Pibworth said.
The power generator and network operator posted a 28% year-on-year drop in first-half adjusted pretax profit to 521.5 million pounds for the six months ended September 30, hurt by lower output and unfavorable weather conditions.
($1 = 0.7451 pounds)
(Reporting by Yamini Kalia, Ankita Bora and Yadarisa Shabong in Bengaluru; Editing by Sumana Nandy, Subhranshu Sahu and Rashmi Aich)
