Iberdrola, through its subsidiary Scottish Power, will promote investment commitment UK to reach 12,000 million in coming years pounds (approximately 13,823 million euros) in the period 2024-2028, according to the British Government’s report.
Specifically, the energy company headed by Ignacio Galán has confirmed an investment of 7,000 million pounds (approximately 8,065 million euros) within this investment package for “a major boost for the ‘Net Zero’ and renewable energy sector” in the country.
This investment figure of Iberdrola in the country was announced by British Prime Minister Rishi Sunak. World Investment Summit The president of the energy company, Ignacio Sánchez Galán, also attended the meeting, which took place this Monday at Hampton Court Palace.
Iberdrola said in a statement that the energy company has allocated more than 2 billion pounds (more than 2 billion 300 million euros) this year mainly to electricity networks and renewable projects.
Nearly two-thirds of the amount Iberdrola will invest in the UK between next year and 2028 will be allocated to transport and distribution networks, with one notable project: the innovative Eastern Green Link 1 (EGL1) subsea transport cable. total investment 2.7 billion lira (over 3.1 billion euros).
Construction of EGL1 will begin in early 2024 and once completed the link will have enough renewable energy carrying capacity to serve two million homes, while also improving the resilience of the UK transmission network.
Additionally, the group stated that it will continue its development investments. his ‘mega project’ Eolico Park Onshore wind and solar projects as well as the East Anglia Three offshore project in energy trading and also in the development of green hydrogen.
He added that the investments announced with offshore wind energy opportunities could be further increased. For example, the East Anglia One North and East Anglia Two projects are eligible to participate in future auctions.
The Investment Summit aims to encourage foreign investment in the UK. The world’s leading business leaders were summoned, including Galán, who, in addition to meeting British Prime Minister Rishi Sunak, also met with the Chancellor of the Exchequer. Treasury Secretary Jeremy Hunt with the Secretary of State for Energy Security and Net Zero, with Claire Coutinho and Secretary of State for Trade and Commerce Kemi Badenoch.
King George III at Buckingham Palace. Galán, who will also attend the royal reception in the presence of Charles, emphasized that Iberdrola is “proud to contribute to the UK’s leadership in energy security and decarbonisation.”
In this sense, he emphasized that the energy company has invested approximately 30 billion pounds (approximately 35 billion euros) in the country in the last 15 years “to bring the benefits of cleaner, safer and more efficient energy to all British people.”
‘Stable and predictable’ regulatory frameworks in the country
“With stable and predictable regulatory frameworks in the UK, we are more determined than ever to increase our investment in networks and renewables to continue driving the energy transition and meeting the country’s climate targets,” he said.
In your strategic plan Envisioning a record investment plan of 47 billion euros for 2023-2025 At that time, the UK was the second main target, with 16 percent of Iberdrola’s investments – the company’s highest investment in the country at 6.7 billion lira – after the USA with 47 percent. and ahead of Spain (13%).
This investment in the UK was split between its commitment to the electricity grid business and the promotion of renewable energies to promote the electrification of the country.
Iberdrola, through Scottish Power, owns more than 40 onshore wind farms and two offshore wind farms in the UK with a total installed capacity of more than 2,900 megawatts (MW).
It is also developing the East Anglia Three offshore wind farm, the second largest wind farm in the world, with an investment of around 4 billion pounds (about 4.6 billion euros).
including those from Iberdrola, British Government announces £29.5bn pledge from world’s leading investors This figure in new projects and capital in the UK (approximately €33,977 million) triples the amount raised at the last World Investment Summit in 2021.
More than 11.5 billion IFM investments
Among these, the intention of the Australian fund IFM, a shareholder of the Spanish energy company Naturgy, to invest 10 billion pounds (about 11 billion 518 million euros) in large-scale infrastructure and energy transition projects in Europe over the next four years stands out. The country attracted the attention of the British Government.
IFM will sign a memorandum of understanding with the Department of Commerce and Trade at the summit to identify commercially viable opportunities, with potential projects within the fund including UK-based company Nala Renewables actively seeking investment opportunities. It aims to achieve a renewable capacity target of 4 gigawatts (GW) by 2025.
Additionally, Microsoft has committed to investing 2.5 billion lira (about 2.88 billion euros) to create critical artificial intelligence (AI) infrastructure.
Source: Informacion
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