Iberdrola to Invest £10 Billion in Renewable and Decarbonization Projects in UK by 2025
Global energy and electricity provider Iberdrola announced today plans to invest £10 billion in the UK through 2025, as the company looks to double its renewable generation capacity and drive decarbonization in the country. The investment plan includes £6 billion through its subsidiary Scottish Power, for the development of the East Anglia Hub, one of the largest offshore wind projects worldwide.
Ignacio Galán, Iberdrola’s chairman announced the investment plans at the Global Investment Summit organized by Prime Minister Boris Johnson. Galán, said:
“This meeting has given us the impetus we need to speed up the Net Zero commitments ahead of COP26. It also supports the British government’s plan to ramp up investment in ‘green’ industries, create jobs and growth and a cleaner, more environmentally friendly future.”
“We are fully committed to fulfilling our role in this process, and our £6bn investment in East Anglia Hub will be a significant step toward ensuring that offshore wind is able to produce enough clean energy to power all the households in the UK by 2030″.
The East Anglia Hub complex, Iberdrola’s largest offsore wind development to date, consists of three wind farms off the Suffolk coast with an installed capacity of more than 3000MW. The project is expected to produce enough clean energy to supply the equivalent of more than 2.7 households, contributing more than 7.5% to the target of 40,000 MW of installed power in the UK by 2030.
The UK investments form part of Iberdrola’s $75 billion capital plan, launched late last year, which includes massive investments over the next five 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.
“The East Anglia Hub complex is an example of how companies can support the government’s Net Zero ambitions within a predictable, stable framework. This is what international investors need while we prepare for the COP26 climate change summit. I have no doubt that this is just a taste of what is yet to come, as we continue to tackle the climate emergency, making progress with the energy transition and fighting for a net-zero emissions future”.