SSE Plc is reconsidering investing in the US as financial pressure on offshore wind projects makes the nation less appealing.
Chief Executive Officer Alistair Phillips-Davies said troubles like those cited by rival Orsted A/S put the country lower on its list of possible new markets. UK-based SSE, one of the world’s largest developers of offshore wind, has talked for several years about potentially investing in the US.
“One difficulty at the moment would probably be doing something in the US,” Phillips-Davies said in an interview in London. “There are probably still unanswered questions in people’s minds as to what’s happened [with Orsted] or how big the issues are in the US.” SSE has more than nine gigawatts of offshore wind in its pipeline in the UK and Ireland, and plans to spend £40 billion building clean-energy assets by 2032. That spending includes work on Dogger Bank off the east coast of England, which will be the world’s largest offshore wind farm.“Not many people really understand what it takes to build an asset over in the US,” Phillips-Davies said. “You’ve seen cost of capital go up, and you’ve seen supply chain being substantially challenged.
“Where there is an energy system and a set of regulations and markets that we understand, solar and battery are things that we’d add in” alongside wind, he said.
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