GS Utilities Daily: SSE: Sizable visibility coming to the renewables rollout
In July, the Labour government was elected and has since brought into play moreambitious targets for UK renewables development. Over the next 12-18 months,
应用介绍
In July, the Labour government was elected and has since brought into play more
ambitious targets for UK renewables development. Over the next 12-18 months, we
believe we could see some de-risking of SSE’s renewables development plan which,
coupled with the UK government’s increased ambitions, could give sizable visibility to
SSE’s renewables portfolio. Combining projects together, we see scope for the visible
construction pipeline to move from 3GW to 10GW over coming 12-18 months, with
investments increasing by c.£12bn if all are successful. Assuming a 20% premium of
EV/IC would imply 220p/share of value creation (or 12% of last close price). Overall, we
see SSE as a strong network and renewables investment story. The company expects to
deliver more than a net c.5 GW of renewables capacity additions (more than doubling its
renewables capacity) and an RCV CAGR (gross) of >15% over its 5-year investment plan
(to 2027). As the pipeline builds, we expect the company to unlock further value, adding
to the growth trajectory
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