Iberdrola commits £6bn to ScottishPower’s East Anglia Hub

  • Oct 19, 2021
  • Energy Livenews

Spanish energy giant Iberdrola has confirmed it will invest a further £6 billion in offshore wind through ScottishPower’s East Anglia Hub.

The £6 billion investment in the Hub, subject to securing planning consent for East Anglia ONE North and TWO and Contracts for Difference for all three Hub projects was announced by Iberdrola’s Chairman and Chief Executive Officer Ignacio Galán during the Global Investment Summit hosted by the Prime Minister.

The three East Anglia Hub windfarms are forecast to support nearly 7,000 jobs during its development, construction and operations.

Mr Galán has confirmed the funding builds on the £10 billion UK investment that the company has already promised for the period 2020-2025 to double renewable energy generation: “The Summit is the turbo boost we need for net zero ahead of COP26.

“It will support the UK government’s ambitions to drive investment in green industries to deliver jobs, growth and a cleaner and greener future.

“We are fully committed to playing our part and our £6 billion planned investment in East Anglia Hub will be a significant step towards ensuring offshore wind produces enough clean electricity to power every UK home by 2030.”