Get 40% Off
🚨 Volatile Markets? Find Hidden Gems for Serious OutperformanceFind Stocks Now

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

Published 10/18/2021, 05:52 PM
Updated 10/18/2021, 06:46 PM
© Reuters. FILE PHOTO: The logo of Spanish power company Iberdrola is seen on top of Iberdrola's main office building in Madrid October 6, 2014.  REUTERS/Susana Vera/File Photo

MADRID (Reuters) - Global wind power leader Iberdrola (OTC:IBDRY) 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)

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.