SSE PLC (LSE:SSE) said it is investing in clean energy infrastructure "ahead of profits" that it expects will rise strongly in the first half.
The FTSE 100 power generation group, which has been shifting from its gas-fired power stations to wind, thermal and hydro power in recent year, said it expects to report adjusted earnings per share of at least 40p for the six months to end-September, up from 10.5p a year earlier.
It said the rise in earnings reflected a "balanced business mix" amid volatile market conditions, with high energy prices but total renewable output 13% below plan for the 12 months to 22 September.
For the full year it kept its guidance unchanged for adjusted earnings per share of at least 120p, versus 95.4p for the past year.
SSE said it is investing "at record levels, ahead of profits, in the clean electricity infrastructure needed for decarbonisation and national energy self sufficiency".
This has included Seagreen, Scotland's largest and the world's deepest fixed-bottom offshore wind farm, produced first power last month, while development of the world's largest offshore wind farm at Dogger Bank and the Viking onshore wind farm on Shetland was said to be on track.
On the negative side, there has been a delay to completing the commissioning of the Keadby 2 gas turbine in North Lincolnshire, which is now expected to be available later this winter.
During the period acquisitions were also sealed for the 3.8 gigawatt Southern European onshore wind development platform, with scope for up to 1.4GW of additional solar opportunities; and a joint acquisition of Triton Power with Equinor, including the 1.2GW Saltend power station, which SSE said has "significant decarbonisation potential".
Shares in SSE fell almost 2% to 1,639.3p by late morning on Tuesday.