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Doubling Down on Green Energy
Spain’s Iberdrola, Europe’s largest electricity company, announced plans to double its UK investment to £24 billion ($31 billion) between 2024-2028. The move, ahead of the UK’s International Investment Summit, underscores confidence in Britain’s clean energy policies and aims to accelerate the transition to Net Zero.
Where the Money Goes
Two-thirds of the investment will target power transmission and distribution networks to meet soaring renewable energy demand. Projects include upgrades under the RIIO-T3 framework, the subsea Eastern Green Link 1, and the integration of Electricity North West (ENW). Iberdrola, through its UK subsidiary ScottishPower, also plans to commission major offshore wind farms—East Anglia 2 and 3—along with onshore wind, solar PV, and battery projects.
Related Article: UK Awards Ørsted and Iberdrola Major Contracts in 10 GW Offshore Wind Auction, Still Needs 31 GW More by 2030
Voices of Confidence
Prime Minister Keir Starmer praised the investment: “Working people up and down the country will reap the benefits of Iberdrola’s crucial investments in our green energy sector… a major boost for our economy, and a clear vote of confidence in this government’s ambitious clean energy mission and relentless drive for growth.”
Iberdrola Executive Chairman Ignacio Galán added: “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.”
Galán highlighted the shared ambitions of the UK and Iberdrola: “The benefits of electrification in terms of energy security, industrial development, jobs, and decarbonisation are shared ambitions of the UK and Iberdrola.”
The investment coincides with the UK government’s push to decarbonise the electricity sector by 2030 and boost foreign investment—key priorities for the new Labour government as it marks 100 days in office.