ScottishPower £6bn investment confirmed by Iberdrola

Bilbao-based green energy giant Iberdrola has confirmed its intention to invest a further £6 billion in offshore wind through ScottishPower’s East Anglia Hub – the group’s largest project investment worldwide – at a major summit hosted by UK Prime Minister Boris Johnson.

The Global Investment Summit comes less than two weeks before the COP26 UN Climate Change Summit gets underway in Glasgow – the headquarters of Iberdrola subsidiary ScottishPower, a COP26 Principal Partner.

Iberdrola said: “The £6 billion investment in the Hub – subject to securing planning consent for East Anglia ONE North and TWO and Contracts for Difference for all three Hub projects – will be announced at the Summit by Iberdrola’s chairman and CEO, Ignacio Galán.

“Mr Galán will confirm the funding is in addition to the record £10 billion UK investment being made by Iberdrola between 2020-2025 to double renewable generation capacity and drive forward decarbonisation.”

Galán said: “The Summit is the turbo boost we need for Net Zero ahead of COP26.

“It will support the UK Government’s ambitions to drive investment in green industries to deliver jobs, growth and a cleaner and greener future.

“We are fully committed to playing our part and our £6 billion planned investment in East Anglia Hub will be a significant step towards ensuring offshore wind produces enough clean electricity to power every UK home by 2030.

“The Hub is testament to how business can support the Government’s Net Zero ambitions within an overarching and stable framework.

“This is what international investors need as we get ready for the COP26 climate change summit.

“I have no doubt it is only the start of things to come as we continue to tackle the climate emergency, progress the energy transition and strive for a Net Zero future.”

East Anglia Hub comprises three windfarms off the coast of Suffolk: East Anglia ONE North, East Anglia TWO and East Anglia THREE.

It is Iberdrola’s biggest-ever windfarm development and among the biggest offshore wind projects anywhere in the world.

Collectively, the Hub will generate more than 3GW of clean, green electricity – enough to power more than 2.7 million homes and contribute more than 7.5% of the UK’s 40GW target for offshore wind generation by 2030.

The Hub could support up to 7,000 jobs during development, construction and operations, as well as significantly support the UK supply chain.

Globally, Iberdrola is investing 150 billion Euros mainly in renewables and smarter grids to 2030.