Iberdrola to Invest $8.2 Billion in UK Offshore Wind Farms
October 19 2021 - 4:37AM
Dow Jones News
By Giulia Petroni
Iberdrola SA on Tuesday said that it plans to invest 6 billion
pounds ($8.24 billion) in offshore wind farms through
ScottishPower's hub off the east cost of England, its largest
project investment globally.
"Our GBP6 billion planned investment in East Anglia hub will be
a significant step towards ensuring offshore wind produces enough
clean electricity to power every U.K. home by 2030," Chief
Executive Ignacio Galan said. "The hub is testament to how business
can support the government's net-zero ambitions."
The East Anglia hub comprises three wind farms off the coast of
Suffolk set to generate more than 3 gigawatts of clean
electricity--enough to contribute more than 7.5% of the U.K.'s
40GW-target for offshore wind generation by 2030, according to the
Spanish energy company.
The investment adds to the GBP10 billion Iberdrola already
committed for the 2020-25 period to doubling renewable-generation
capacity and advancing decarbonization.
Write to Giulia Petroni at giulia.petroni@wsj.com
(END) Dow Jones Newswires
October 19, 2021 04:22 ET (08:22 GMT)
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