SSE Incrementally Expanding in Germany
SSE Renewables is incrementally expanding its onshore wind pipeline through the acquisition of land and development rights to a 134MW onshore wind portfolio in Germany from Holt Holding SA.
As a leading renewables developer, operator and owner, SSE Renewables is continually exploring opportunities to grow its portfolio of onshore wind, offshore wind, and hydro-electric assets to contribute towards its ambition to develop and build enough renewable energy capacity to treble annual output of renewable electricity to 30TWh.
SSE Renewables has to date developed nearly 2.5GW of onshore wind in the UK and Ireland and – in line with the SSE Group’s strategy to recycle capital for future developments – currently owns nearly 2GW of onshore wind assets and operates over 2.5GW, including on behalf of third parties.
As well as realising its onshore development pipeline of over 1GW in the UK and Ireland, SSE has consistently stated that leveraging SSE Renewables’ capabilities and its core competencies in renewable energy to other technologies and geographies may present significant potential to add to future growth opportunities.
This incremental investment in pursuing an early opportunity in Germany see the development rights to a portfolio of five projects totalling 134MW of onshore wind opportunities transferring from Holt Holding SA Limited to SSE Renewables.
Once permitted, the projects within this portfolio of onshore assets are expected to be eligible to enter the German onshore wind auction and bid for fixed price contracts of 20 years.
Germany has been a leading onshore wind market for many years. Continued growth in this market is expected in order to meet national targets for renewable generation to provide 50% of gross electricity consumption by 2030 and 80% by 2050, up from 38% today.
In addition to its onshore activities, SSE Renewables continues to develop its more significant offshore wind pipeline of over 7GW across the UK and Ireland. This includes Dogger Bank Wind Farms (3,600MW, SSE Renewables share 50%) and Seagreen Offshore Wind Farm (1,075MW). Both of which were successful in the recent UK Government Contracts for Difference auction (with contracts for 3,600MW and 454MW, respectively) and are progressing towards financial close.
Jim Smith, Managing Director of SSE Renewables said: “Whilst a small investment compared to our significant offshore wind pipeline, this first step will help provide more detailed insight into an adjacent market with significant growth potential. This acquisition is a good incremental addition to the SSE Renewables’ onshore pipeline.”