Iberdrola, the owner of Scottish Power, has committed to investing £24bn in the United Kingdom to enhance its green energy infrastructure.
- This substantial investment doubles Iberdrola’s commitment to the UK, which is now its largest market for global investments.
- The funds will be directed towards upgrading the UK’s high-voltage cables and expanding electricity transmission and distribution networks.
- Two-thirds of the investment will focus on Scotland, with significant developments including a new subsea superhighway linking Torness to Hawthorn Pit.
- The announcement aligns with the UK’s goals for decarbonisation by 2030 and precedes the International Investment Summit in London.
Iberdrola, the parent company of Scottish Power, has unveiled plans to invest £24bn into the United Kingdom’s energy infrastructure. This represents a doubling of its prior commitment and positions the UK as the largest recipient of the firm’s global investments.
The significant investment will be primarily used to upgrade the UK’s high-voltage cables and enhance its electricity networks. As the demand for clean energy rises, particularly with the UK’s shift towards electric vehicles and heat pumps, these enhancements are crucial. Approximately two-thirds of the total amount will be allocated to Scotland, which is a hub for renewable energy.
A notable project within this investment is the construction of the Eastern Green Link 1, a new subsea superhighway connecting Torness in Scotland to Hawthorn Pit in England. Additionally, £4bn will be invested in the development of two new wind farms off the East Anglian coast, anticipated to provide power to around one million homes.
Ignacio Galán, Iberdrola’s executive chairman, expressed this initiative as a ‘vote of confidence’ in the UK’s regulatory landscape and policy framework. Keith Anderson, CEO of Scottish Power, also highlighted the UK’s clear decarbonisation targets and regulatory stability as factors enabling such large-scale investments.
This announcement coincides with the upcoming International Investment Summit in London, an event where international business figures gather to explore investment prospects in the UK. Amidst global competition for green investments, the UK is showcasing its strong regulatory environment and market clarity as a competitive edge.
This strategic investment is poised to significantly advance the UK’s green energy transition while reinforcing its position as a leader in renewable energy development.
