SSE PLC on Nov. 18 unveiled plans to treble its renewable energy output by 2030 as the British utility aims to add 1 GW per year of new renewables capacity by the second half of the decade.

The company confirmed it expects to reach financial close in the coming days on the 3.6-GW Dogger Bank offshore wind farm, located 130 kilometers off the coast of Yorkshire in the U.K. Upon completion in 2026, the project is expected to power 4.5 million homes. SSE owns a 50% stake in Dogger Bank.

The U.K. has a goal to deliver 40 GW of offshore wind by 2030, enough to ensure every home in the country will be powered by renewables by 2030.

Also on Nov. 18, SSE announced adjusted operating profit from continuing operations of £418.3 million, or 11.9 pence per share, for the fiscal first half of 2020, compared to £491.9 million, or 18 pence per share, for the same period of 2019.

The utility booked £985.1 million, or 67.7 pence per share, in reported operating profit for the period, compared to £347.5 million, or 6.2 pence per share, for the first fiscal half a year earlier.

Revenue declined year over year to £2.82 billion, from £3.05 billion a year ago.

"Challenges lie ahead — not least in navigating another wave of the pandemic, the potential operational impact of the weather in the second half and the lingering uncertainties around Brexit — but these are far outweighed by the wealth of significant opportunities we have to create value in the transition to net zero emissions," SSE Chair Richard Gillingwater said.

SSE proposed an interim dividend of 24.4 pence per ordinary share, payable March 11, 2021, to shareholders of record Jan. 15, 2021. The utility said that the dividend is in line with the full-year dividend target of 80 pence per share, consistent with its five-year plan to 2023.

The company expects its adjusted earnings per share forecast for the 2020/2021 fiscal year to between 75 pence and 85 pence.