Spain’s largest power company, Iberdrola (BME: IBE), will invest up to £12 billion in its UK business Scottish Power over the next four years, which is says it a doubling of its commitment in the UK ahead of a global investment summit in London.
The investment comes as the UK’s Labour government tries to drum up billions of pounds in foreign investment into the country as it marks 100 days in office and welcomes global business leaders for the Oct 14 summit.
Investments will include a new “subsea superhighway”, Eastern Green Link 1, between between between Torness in Scotland and Hawthorn Pit in England.
Glasgow-headquartered ScottishPower is also in the latest stages to complete the integration of ENW, the distribution network company covering the north west of England, in which it bought a majority stake for €5 billion (£4.2bn) in a deal earlier this year.
In addition, ScottishPower will put in service the East Anglia 3 offshore wind farm, currently under construction, as well as East Anglia 2, a £4bn “shovel-ready” offshore windfarm recently awarded a contract in the AR6 auction
The company will also continue to invest in new onshore wind, solar PV and battery projects.
© Supplied by IberdrolaIberdrola executive chairman and chairman of ScottishPower Ignacio Galán will join Prime Minister Keir Starmer in Edinburgh on Friday for the first Council of Nations and Regions, bringing together the UK’s devolved leaders and regional mayors from across England.
Iberdrola’s investment announcement comes ahead of the UK Government’s International Investment Summit in London on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to discuss deepening partnership to drive investment and growth.
Galán said: “After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.
“This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.”
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