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)

Copyright (c) 2021 Dow Jones & Company, Inc.
Iberdrola (PK) (USOTC:IBDRY)
Historical Stock Chart
From Oct 2021 to Nov 2021 Click Here for more Iberdrola (PK) Charts.
Iberdrola (PK) (USOTC:IBDRY)
Historical Stock Chart
From Nov 2020 to Nov 2021 Click Here for more Iberdrola (PK) Charts.