Galloper offshore wind farm, the 50:50 joint venture between FTSE 100-listed renewable electricity and gas supplier SSE and RWE npower renewables, has received development consent from the Secretary of State for Energy and Climate Change, an update issued by SSE on Friday has disclosed.
The Galloper site is located 27km off the Suffolk coast, adjacent to the fully operational Greater Gabbard offshore wind farm, and has a potential capacity of up to 504 megawatts, according to SSE.
Jim Smith, Managing Director of Renewables at SSE, commented: "We very much welcome this decision which provides important reassurance about DECC's[the Department for Energy and Climate Change]commitment to offshore wind."
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
He added: "As well as having the potential to generate significant amounts of renewable energy, Galloper is a major infrastructure project that will bring investment and jobs into the UK."
SSE's share price was down 0.86% to 1,610p at 13:50 on Friday.
MF
-
Is the AI boom another dotcom bubble?25 years on from the dotcom bubble bursting, is it time for investors to consider the sustainability of the AI boom in the stock market?
-
What is the S&P 500?The S&P 500 is one of the world’s most popular stock market indices and has almost tripled in value over the last decade. But what is the S&P 500, and which companies does it contain?
