SSE PLC (LSE:SSE) Scottish transmission wing will invest £10bn in Scottish power networks amid a government bid to connect 11GW of new onshore wind capacity by 2030.
Onshore and subsea transmission links will receive major upgrades under the plan, which will aim to bring energy to over ten million homes and support thousands of jobs locally.
According to BiGGAR Economics, SSEN’s investment will have helped to create 900 new jobs by the end of the current financial year, while supporting a further 9,000 across the north of Scotland.
"These investments will unleash the economic potential of the north of Scotland,” SSEN director Rob McDonald said, likely providing a £2.5bn boost to the country’s economy.
SSEN is SSE’s 75%-owned power network company which covers 3.8mln homes across the northern half of Scotland and central southern England.
SSE updated plans to boost investment in renewable energy last month, earmarking £18bn by 2027 and stretching to £40bn by the end of the decade following bumper full-year results.
The latest investment, announced on Tuesday, will also aim to support a wider target of 50GW of offshore wind around the UK by 2030, up from the 13.9GW currently installed.
“This [is] arguably the most important enabler to securing Scotland's the UK's future energy security and net zero ambitions,” McDonald added.