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

Britain's SSE on track to invest 7.5 billion stg in low-carbon power
Britain's SSE on track to invest 7.5 billion stg in low-carbon power   -   Copyright  (c) Copyright Thomson Reuters 2021. Click For Restrictions - https://agency.reuters.com/en/copyright.html   -  
By Reuters

<p><body> <p>By Susanna Twidale</p> <p><span class="caps">LONDON</span> (Reuters) -British renewable power generator and network operator <span class="caps">SSE</span> Plc said on Wednesday it is on track to invest 7.5 billion pounds ($10.62 billion) in low-carbon projects up to 2025.</p> <p>The company turned its focus to renewable power generation and networks after selling its household energy supply and services arm to <span class="caps">OVO</span> Energy at the beginning of 2020 in a deal worth 500 million pounds.</p> <p><span class="caps">SSE</span> 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 <span class="caps">ENI</span> earlier this year while retaining a 40% stake each.</p> <p>The company on Wednesday also said it expects to sell its stake in Scotia Gas Networks (<span class="caps">SGN</span>) by the end of the year with the disposal process beginning during mid-summer 2021.</p> <p><span class="caps">SSE</span> on Wednesday reported a 1% rise in adjusted operating profit to 1.507 billion pounds for the year ending March 31.</p> <p>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, <span class="caps">SSE</span> said.</p> <p>It did not give any guidance for the 2021/22 full year but said would maintain its five year dividend plan to March 2023.</p> <p>($1 = 0.7065 pounds)</p> <p> (Reporting by Susanna Twidale, editing by Louise Heavens)</p> </body></p>