Connect with us


Iberdrola to plough $8.2 billion into mega UK offshore wind farm

Iberdrola to plough $8.2 billion into mega UK offshore wind farm 1

MADRID (Reuters) – Global wind power leader Iberdrola will pour six billion pounds ($8.24 billion) into a wind farm complex in the North Sea off the east coast of Britain, in its biggest project investment worldwide, it said on Monday.

Iberdrola said in a statement it would foot the bill for the East Anglia Hub site, whose soaring turbines will have capacity to generate 3.1 gigawatts of electricity, enough to power more than 2.7 million homes.

Positioning turbines in the sea allows generators to capture high wind speeds free of any of the barriers present on land and is a key component in the decarbonisation plans of some of the world’s biggest economies.

The investment is contingent on Britain giving planning permission for the site, and contracts for difference, which guarantee a minimum price for the electricity it generates.

It adds to the 10 billion pounds Iberdrola has already pledged to invest in Britain between 2020 and 2025.

Britain aims to have installed 40 GW of offshore wind capacity by 2030, up from its current 10.4 GW. Iberdrola trades in Britain through Scottish Power, which it bought in 2007.

Green Investment Group, an arm of Australian bank Macquarie owns 40% of one of the parks within the East Anglia Hub.

($1 = 0.7280 pounds)

(Reporting by Isla Binnie, Editing by William Maclean)

Editorial & Advertiser disclosure
Our website provides you with information, news, press releases, Opinion and advertorials on various financial products and services. This is not to be considered as financial advice and should be considered only for information purposes. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third party websites, affiliate sales networks, and may link to our advertising partners websites. Though we are tied up with various advertising and affiliate networks, this does not affect our analysis or opinion. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you, or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish sponsored articles or links, you may consider all articles or links hosted on our site as a partner endorsed link.
Global Banking and Finance Review Awards Nominations 2021
2021 Awards now open. Click Here to Nominate


Newsletters with Secrets & Analysis. Subscribe Now