HELLO and welcome to the AM Business Briefing, as energy firm SSE has announced plans to invest £12.5 billion over the next five years as part of plans to accelerate its net zero plans.

It said the move makes it the biggest constructor of offshore wind in the world and will increase the amount of renewable energy produced by four gigawatts (GW) over the period.

The plan will mean SSE delivers 25% of the UK's 40GW offshore wind target by 2030 and more than 20% of the UK's electricity networks investment.

The increase in spending on new energy generation is 65% higher than previous commitments, with the company saying it intends to take advantage of the Government's new super-deduction tax plans laid out earlier this year by Chancellor Rishi Sunak.


It means for every £1 spent, the Government will refund businesses £1.30 to encourage capex investment.

SSE will see 40% spent on networks, 40% on renewables and 20% on the rest of the business.

Alistair Phillips-Davies, SSE chief executive, said: "We are constructing more offshore wind than anyone else in the world right now and expanding overseas, delivering the electricity networks needed for net zero and pioneering carbon capture, hydrogen and battery technologies to deliver system flexibility."

Macdonald Hotels sells two major properties

Macdonald Hotels has agreed to sell two major properties, including the 156-bedroom Macdonald Holyrood, to funds managed by London-based private equity firm Zetland Capital Partners.

The other hotel being sold is the 338-bedroom Macdonald Manchester Hotel.

Richard Muir: Glasgow business will aim to build on connections made

COP26 has left town but only in time will we really know the true impact that the two week UN Climate Conference has had on business in Glasgow and Scotland.

In the short term, the impact might well be less than many had expected, however more might just benefit from the longer term spin offs that stem from Glasgow being centre stage to a worldwide audience, and being positioned as – in the words of Professor Muhammad Yunus, Nobel Laureate Professor – ‘The Climate Capital City of the World’.