Iberdrola, via its subsidiary ScottishPower, announced a major UK investment drive aimed at reaching 12,000 million pounds in the 2024-2028 window (about 13,823 million euros) according to a British government report. The plan centers on strengthening energy networks and expanding renewable capacity across the United Kingdom, reinforcing the country’s transition toward a low‑carbon economy. This commitment aligns with statements made by the company leadership and key UK policymakers, underscoring Iberdrola’s role in advancing net zero goals and energy security.
In particular, the group has confirmed an allocation of 7,000 million pounds (roughly 8,065 million euros) within the overall package, earmarked to deliver a substantial boost to renewable energy systems and the broader green transition in Britain. The disclosure came during a high‑level presentation at a Summit hosted in London, with executive leadership present alongside government figures to outline the strategic benefits of the investment.
Earlier this year, Iberdrola indicated it had already allocated more than 2 billion pounds (more than 2,300 million euros) to electricity networks and renewable projects, signaling a rapid deployment pace and a focus on modernizing the UK’s electricity backbone.
Nearly two‑thirds of the forthcoming UK investments are planned for transport and distribution networks, with a flagship project highlighted as the Eastern Green Link 1 (EGL1) subsea transmission cable, estimated at about 2.7 billion pounds (more than 3.1 billion euros). Construction is slated to begin in early 2024, and upon completion EGL1 will provide substantial renewable energy capacity to power millions of homes while boosting the resilience of the national grid.
Beyond EGL1, Iberdrola signaled ongoing development investments in mainstay projects such as the Eolico Park onshore wind and solar installations, along with East Anglia Three offshore wind and related energy trading activities, while also pursuing opportunities in green hydrogen. The company noted that offshore wind opportunities could see further expansion through future auctions, including East Anglia One North and East Anglia Two.
The Investment Summit was designed to attract foreign capital to the UK, drawing global business leaders including Iberdrola’s chair, Ignacio Galán, who met with the British Prime Minister and senior Treasury and energy officials to discuss opportunities and policy support. The presence of Iberdrola at Buckingham Palace and related royal receptions underscored the bilateral optimism around the energy transition.
Galán highlighted Iberdrola’s longstanding contribution to the UK, stating that the group has invested about 30 billion pounds (around 35 billion euros) over the last 15 years to deliver cleaner, safer, and more efficient energy to British consumers. The company emphasized that stable and predictable regulatory frameworks in the UK reinforce its commitment to expanding networks and renewables, driving the pace of the energy transition and helping the country meet its climate goals.
Stable and predictable regulatory frameworks in the country
This predictability is seen as a key enabler for increasing investments in networks and renewables, with Iberdrola aiming to elevate its UK footprint in line with its broader plan to support a robust energy transition. In the company’s strategic long‑term outlook Envisioning a record investment plan of 47 billion euros for 2023-2025, the UK emerged as a principal target, accounting for a substantial portion of the total investments and marking the first sustained push into the country since prior years. The split of commitments between the electricity grid business and renewable energy development illustrates a dual strategy: strengthen the grid while accelerating clean power capacity.
Scottish Power currently operates more than 40 onshore wind farms and two offshore wind farms across the United Kingdom, delivering a combined capacity surpassing 2,900 MW. It is also advancing the East Anglia Three offshore wind project, one of the largest in the world, with a project value near 4 billion pounds (about 4.6 billion euros). This portfolio complements other initiatives announced in the UK to support sustainable energy and grid stability.
In related news, the government highlighted significant investment momentum on the international stage, including a notable pledge from global investors that aims to stimulate new UK projects and capital formation. The summit also featured large‑scale plans from other partners, underscoring the UK’s appeal as a destination for energy transition investments.
Within this broader context, the Australian fund IFM, a shareholder in Naturgy, signaled a major ambition to invest about 10 billion pounds (roughly 11 billion euros) in European infrastructure and energy transition projects over the next four years. IFM intends to sign a memorandum with the Department for Business and Trade to identify viable opportunities, including projects under Nala Renewables actively seeking capital. The objective includes reaching a renewable capacity target of 4 GW by 2025.
On the technology front, Microsoft announced a commitment to invest around 2.5 billion pounds (approximately 2.88 billion euros) to build essential artificial intelligence infrastructure, underscoring the tech ecosystem’s role in supporting modern energy systems and grid optimization.