Iberdrola commits £6 billion to develop 3GW offshore wind hub in UK

Spanish electric utility Iberdrola has backed UK Prime Minister Boris Johnson’s mammoth Net Zero Strategy with its own multi-billion-pound plans, announcing a £6 billion investment in a 3GW offshore wind energy hub  off the Suffolk coast.

The UK unveiled its new Net Zero Strategy at its Global Investment Summit earlier this week, which saw the announcement of 18 deals worth £9.7 billion, all of which are intended to help ramp up investment in a range of clean infrastructure projects.

The biggest announcement came from Iberdrola, which had already committed a record £10 billion worth of investment in a 2020-2025 plan to double its renewable energy generation capacity in the UK.

Iberdrola announced that it was investing a further £6 billion to develop a massive offshore wind energy complex, the East Anglia Hub, which will consist of three separate offshore wind farms and boast an installed capacity of over 3GW.

The Hub will also contribute more than 7.5% to the UK’s target of installing 40GW worth of offshore wind by 2030.

“This meeting has given us the impetus we need to speed up the Net Zero commitments ahead of COP26,” said Ignacio Galán, Iberdrola’s chairman.

“Our £6 billionn investment in East Anglia Hub will be a significant step toward ensuring that offshore wind is able to produce enough clean energy to power all the households in the UK by 2030.”

Iberdrola has already secured planning permission for the 1.4GW East Anglia Three project and planning permission applications for the 800MW East Anglia One and 900MW East Anglia Two are currently being analysed by the UK government.

Construction work on the East Anglia Hub is waiting on the outcome of permits but is expected to start in 2023 and reach completion and operation by 2026.

In addition to a sizeable increase in the UK’s offshore wind generating capacity, the East Anglia Hub is expected to create up to 7,000 jobs as well as significantly boosting the UK’s renewable energy supply chain.

“The East Anglia Hub complex is an example of how companies can support the government’s Net Zero ambitions within a predictable, stable framework. This is what international investors need while we prepare for the COP26 climate change summit,” said Galán.

“I have no doubt that this is just a taste of what is yet to come, as we continue to tackle the climate emergency, making progress with the energy transition and fighting for a net-zero emissions future.”