Spanish utility Iberdrola SA (BME:IBE) on Monday announced a GBP-12-billion (USD 15.1bn/EUR 13.9bn) investment plan for the UK, as part of its commitment to the country as one of its key markets.
The investment will be spread over the period from 2024 to 2028, with about two-thirds going to transmission and distribution networks and the rest to renewable energy projects.
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Among Iberdrola’s notable projects in the UK is the Eastern Green Link 1 (EGL1) submarine transmission cable, which will be a 2-GW high-voltage direct current (HVDC) line between East Lothian in Scotland and County Durham in England.
Construction of EGL1 is slated to begin in early 2024. Once in operation, the link will be capable of carrying enough renewable energy to power up to two million homes, Iberdrola said.
The other part of the investment plan will support offshore and onshore wind, solar and green hydrogen projects, and energy retail. The utility said that it will also continue to invest in the East Anglia 3 offshore wind farm. These investments could be expanded with the East Anglia 1 North and East Anglia 2 offshore wind projects, which Iberdrola says are ready for upcoming auctions.
(GBP 1.0 = USD 1.261/EUR 1.154)
