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.
To help fund the plan, the British energy company is launching an equity issue to raise approximately 2 billion British Pounds from institutional and retail investors.
The company said the investment program, which runs until the 2029/30 financial year, will see around 27 billion British Pounds directed towards its regulated electricity networks.
The remaining 6 billion British Pounds will be invested in renewable energy projects and flexible power generation technologies, according to the company.
The plan will be funded through the equity raise, 21 billion British Pounds in operational cashflow, and 14 billion British Pounds in new debt.
"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," Chief Executive Martin Pibworth said in a statement.
SSE said the accelerated investment is expected to drive annual adjusted earnings per share growth of between 7% and 9% through 2030.
The company also committed to annual dividend growth of 5% to 10% over the same period.
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