SSE Shares Gain After Firm Secures 1.4GW Berwick Bank Wind Farm CfD

SSE shares rose more than 2% to 2,297p on Monday morning after the company secured a 20-year Contract for Phase B of its Berwick Bank Wind Farm project.

The award, announced as part of the UK’s seventh Contracts for Difference (CfD) Allocation Round, covers 1.4GW of offshore wind capacity. Berwick Bank B will receive a guaranteed strike price of £89.49/MWh for 1,380MW of renewable power, based on 2024 prices and indexed annually to CPI inflation.

SSE said the contract win allows the project to move toward a final investment decision, expected in 2027, in line with the firm’s hurdle rates and investment criteria.

The remaining A and C phases of Berwick Bank, which together bring the full project to 4.1GW, will be available for future auctions, including the eighth allocation round due later this year.

Martin Pibworth, Chief Executive of SSE, said: “We are delighted Berwick Bank B has been successful in AR7 and has secured a CfD for 1.4GW of essential new low-carbon power for the UK at a competitive price for consumers. This milestone enables us to advance the project towards a final investment decision and reinforces our commitment at SSE to delivering sustainable growth and long-term value for society, for consumers and for our shareholders.”

He added that, if built to its full capacity, Berwick Bank “can rank among the largest offshore wind projects globally” and make a significant contribution to UK and Scottish renewable energy targets.