Spanish energy giant Iberdrola plans to double its planned investment in the UK between 2024 and 2028, now eyeing up to £24 billion (€28.6 billion) of spending in this period.
It had initially planned to spend £12 billion in UK energy through its ScottishPower subsidiary.
This uplift will make the UK Iberdrola’s largest investment destination through to 2026, the company added.
Two thirds of this outlay is due to go towards transmission and distribution networks.
Iberdrola also plans to commission East Anglia 2 and East Anglia 3 offshore wind farms in 2026 and 2027 respectively, and intends to continue to invest in new onshore wind, solar PV and battery projects.
It has invested £30 billion in the UK over the last 15 years through its ScottishPower business, explaining that this was driven by “clear and stable policies and predictable regulatory frameworks”.
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