SSE PLC announced a 33 billion British Pounds five-year investment plan to upgrade the U.K.'s energy infrastructure, tripling its previous spending levels.
To help fund the plan, the company said it successfully raised approximately 2 billion British Pounds through a sale of new shares to institutional and retail investors, as well as company directors.
The British energy company said about 80% of the capital, or 27 billion British Pounds, will be invested in its regulated electricity networks through 2030, with the remainder going to renewables and flexible power generation.
The company placed nearly 98 million new shares at a price of 2,050 pence each, a 3.8% premium to the closing price on November 11, according to a company filing.
Chief Executive Martin Pibworth said the 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."
The investment program will also be funded by cash from operations, new debt, and targeted asset sales, the company said.
SSE said it expects the plan to drive annual adjusted earnings per share growth of 7% to 9% through 2030 and will target annual dividend growth of 5% to 10%.
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SSE PLC said Wednesday it has successfully raised approximately 2 billion British Pounds through a sale of new shares to help fund a major expansion of the U.K.'s electricity grid.
SSE PLC launched a 33 billion British Pounds five-year investment plan and will raise approximately 2 billion British Pounds in an equity sale to help fund it, the company said Wednesday.
SSE on Wednesday announced a plan to triple its investment in UK energy infrastructure to 33 billion British Pounds over five years, focusing heavily on upgrading the country's electricity networks.
SSE PLC on Wednesday announced a fully-funded 33 billion British Pounds five-year investment plan, a significant increase that reverses earlier spending cuts.