By Kristy Dorsey
ScottishPower owner Iberdrola has committed £6 billion to a North Sea wind farm project that will be its biggest investment ever globally.
Speaking at the Global Investment Summit hosted by Prime Minister Boris Johnson, Iberdrola chief executive Ignacio Galan confirmed the project at ScottishPower’s East Anglia Hub off the coast of Suffolk will be in addition to the £10bn the Spanish utility giant has already pledged to invest in the UK between 2020 and 2025.
The hub comprises three windfarms: East Anglia One North, East Anglia Two and East Anglia Three. Collectively they will have capacity to generate up to 3.1 gigawatts of electricity, enough to power 2.7 million homes.
READ MORE: Big windfarm development in prospect off Orkney
The investment is contingent on planning permission being granted for the site, and agreement on contracts for difference to guarantee a minimum price for the electricity generated. An initial 1400 megawatts of power to be generated via East Anglia Three has secured consent.
“We are fully committed to playing our part and our £6bn 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,” Mr Galan said.
“The hub is testament to how business can support the Government’s Net Zero ambitions within an overarching and stable framework. This is what international investors need as we get ready for the COP26 climate change summit.”
The UK aims to have installed 40 gigawatts of offshore wind capacity by 2030, up from 10.4 gigawatts currently. The East Anglia Hub would account for more than 7.5% of the 40 gigawatt target.
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