Scottish & Southern Energy is in talks with the European Bank of Investment to raise funds for new wind projects in Britain.

“We need to finance some of our future capital expenditure. We are in discussions with the EIB on that and are hopeful to reach a successful conclusion,” reportedly said chief executive, Ian Marchant.

In its preliminary results for the year to 31 March 2009, SSE shared that over £800m has been invested by SSE in assets which were still under construction as at 31 March 2009 but which have yet to contribute earnings, including its share of Greater Gabbard offshore wind farm.

SSE expects its capital and investment expenditure will reach around £1.5bn during 2009-10. In the two years to 31 March 2010, SSE will have undertaken capital and investment expenditure of around £2.8bn, which is just over two-fifths of the £6.7bn envisaged for the five years to March 2013. Significant parts of its investment programme are discretionary in nature; others, such as the Griffin wind farm, have been included in the programme following an acquisition because they offer the prospect of a higher return on investment than other projects, which have been displaced.

SSE has sought, and received, from the UK government clear assurances that any changes to banding (the intention of increasing ROCs from 1.5 per MWh to 2.0 for offshore wind projects meeting specified completion criteria if they place new orders in 2009-10, and then 1.75 in 2010-11), if implemented after the forthcoming review, will not have a negative economic impact on any existing renewable energy developments. It is also engaged in discussions with the UK government as to how any change to banding for offshore wind would strengthen the investment climate for that particular technology. It is particularly concerned to ensure that previous investment decisions in offshore wind are not unfairly treated compared with those projects whose construction was delayed.

SSE has a 50% share of the 500MW Greater Gabbard wind farm now under construction in the outer Thames Estuary. It also has almost 1,400MW of offshore wind farm capacity with consent for development.