Renewable energy major Iberdrola has confirmed it is to invest a further £6 billion (€7.1 billion) in offshore wind through its subsidiary ScottishPower’s East Anglia hub – the group’s largest project investment worldwide.
Speaking at the Global Investment Summit being held in London ahead of the COP26 UN climate talks in Glasgow, Iberdrola’s chairman and chief executive, Ignacio Galán, said the funding is additional to the £10 billion UK investment his company is making in 2020-2025 to double renewable generation capacity.
Iberdrola’s biggest-ever wind farm development — and among the biggest offshore wind projects anywhere in the world — the East Anglia hub comprises three wind farms off the coast of Suffolk, in eastern England: 800MW East Anglia ONE North East Anglia ONE North (800MW) Offshoreoff Suffolk, England, UK, Europe Click to see full details, 900MW East Anglia TWO East Anglia TWO (900MW) Offshoreoff Suffolk, UK, Europe Click to see full details and 1372MW East Anglia THREE East Anglia THREE (1372MW) Offshoreoff Suffolk, UK, Europe Click to see full details.
Collectively, their installed capacity will exceed 3GW, contributing more than 7.5% of the UK’s 40GW target for offshore wind generation by 2030.
The £6 billion investment is subject to securing planning consent for East Anglia One North and East Anglia Two, and contracts for difference (CfDs) being awarded for all three projects.
Iberdrola announced earlier this year that it is planning to use Siemens Gamesa’s 14MW turbines at the East Anglia hub.
Subject to permits being granted, construction is expected to start in 2022 and be completed in 2026.
“The hub is testament to how business can support the government’s net zero ambitions within an overarching and stable framework,” Galán said. “This is what international investors need as we get ready for the COP26 climate change summit.”
Globally, Iberdrola is investing €150 billion by 2030 mainly in renewables and smarter grids. It has 38GW of planned and operational offshore wind projects in Europe, the US, Asia Pacific and South America.