Global energy and electricity provider Iberdrola announced today a significant expansion of its presence in the UK renewable energy market, acquiring 17 solar photovoltaic (PV) projects with a combined capacity of more than 800 MW.
The transactions consist of two separate deals conducted by Iberdrola’s UK subsidiary ScottishPower, with 12 projects acquired from Elgin Energy, and remaining 5 projects from Lightsource BP. Following the transactions, Iberdrola’s market share in the solar PV sector will rise from 2% to 9%.
The acquisitions come as Iberdrola has identified the UK market as a key target for its renewable generation capacity growth. In October, announced that it would invest £10 billion in the UK through 2025, aiming to double its renewable generation capacity and drive decarbonization in the country.
The UK investments form part of Iberdrola’s €75 billion capital plan, launched in late 2020, which includes massive investments over the next few years in renewable energy, with the company anticipating nearly doubling its renewables capacity by 2025. The investments plan is primarily focused on markets in Spain, the UK and the US. Over the next decade, the company aims to invest €150 billion, tripling its renewable energy capacity and doubling its network assets.
The newly acquired solar PV projects, located across England, Scotland and Wales, are expected to be operational by 2025 with a total investment of approximately €600 million.