The Diplomat
Iberdrola yesterday confirmed its intention to invest, through its subsidiary Scottish Power, £6 billion (around €7.1 billion) in the East Anglia offshore wind hub. The announcement was made by the company’s chairman, Ignacio Sánchez Galán, during his participation in the Global Investment Summit being held in London.
At the meeting, British Prime Minister Boris Johnson announced that his government aims to create at least 30,000 jobs in the UK, thanks to £9.7 billion of new foreign investment. This is a package of 18 investment deals in “vital” sectors such as hydrogen and wind energy, as well as sustainable housing and carbon capture and storage.
Iberdrola’s investment, which is subject to planning permission and a contract for difference, is the Spanish energy company’s largest offshore wind project in the world and will supply enough green energy to power 2.7 million UK homes, creating 7,000 jobs.
Sánchez Galán said that this investment package is in addition to the group’s record investment of £10 billion (11.8 billion euros) in its 2020-2025 plan, which will allow it to double renewable generation capacity and boost decarbonisation in the UK.
Iberdrola’s chairman said the company shares the UK prime minister’s ten-point plan and is committed to playing its part. He added that the planned investment “will be a significant step towards ensuring that offshore wind will produce enough clean electricity for every home in the UK by 2030″.
As recalled yesterday, the British Embassy in Madrid, the stock of Spain’s direct investment in the UK was £50 billion in 2019 and remains the top destination for Spanish investment in Europe.
The Embassy also stressed that the package of 18 agreements announced by Johnson will support the growth of such vital sectors as wind energy and hydrogen, sustainable homes and carbon capture and storage, which will consolidate the UK’s climate leadership ahead of the Glasgow Climate Summit (COP26) and years to come.
