SSE: Secured Contract Provides Clarity, Enables Further Investment

SSE welcomed the UK government’s announcement today that the Beatrice offshore wind farm project has been successful in securing an Investment Contract. 

The security the contract provides means SSE and its partner Repsol can continue to invest in the the engineering and procurement work required to maintain progress towards a final investment decision in early 2016.

Finlay McCutcheon, SSE’s Director of Offshore Renewables, said:

“In March we highlighted that we would be focussing our efforts and resources in offshore wind on the Beatrice project. To be able to progress any offshore wind project investors need, amongst other things, clarity over the regulatory framework. Securing an Investment Contract from the UK Government provides the project with this clarity and will enable further investment to continue through 2014. 

“However there is still significant additional work to be done before a final investment decision can be made, and we will be working closely with Repsol, and our supply chain partners, to further reduce costs and refine the development and construction programme, with the aim of delivering a commercially viable project in early 2016.” 

Press release, April 23, 2014; Image: SSE