Iberdrola will invest an additional $8.065 million in the UK

IberdrolaThis is done through its subsidiary company Scottish powerThe British government stated that the company will enhance its investment commitment to the United Kingdom in the coming years to about 13,823 million euros in the period 2024-2028.

Specifically, the energy company headed by Ignacio Galán confirmed the investment of approximately 8.065 million euros within this investment package in “A big boost for “net zero” and the renewable energy sector” in the country.

This has been Iberdrola’s investment figure in the country Revealed by British Prime Minister Rishi SunakThis was during the Global Investment Summit held on Monday at Hampton Court Palace, which he attended Energy company president Ignacio Sanchez Galan.

Iberdrola said in a statement that the energy company has allocated more than 2.3 billion euros this year, mainly for electrical networks and renewable energy projects.

About two-thirds of the amount Iberdrola will invest in the UK between next year and 2028 will be allocated to transmission and distribution networks, with one project standing out: Eastern Green Link 1 innovative submarine cable (EGL1), which will involve a total investment of more than €3.1 billion.

Construction of the EGL1 will begin in early 2024, and when completed, this connection will be able to transmit enough renewable energy to serve two million homes, while increasing the resilience of the UK’s transmission network.

Furthermore, the group stated that it will continue to invest in developing its business A huge offshore wind farm project in East Anglia’s three major citiesAs well as in terrestrial wind and solar energy projects, in energy marketing, as well as in the development of green hydrogen.

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He also added that the announced investments could be further increased through additional offshore wind opportunities. For example, the East Anglia One North and East Anglia Two projects are eligible to participate in future auctions.

The Investment Summit seeks to encourage foreign investment in the UK. The world’s top business leaders were summoned, including Galland, who, in addition to his meeting with British Prime Minister Rishi Sunak, met with the Chancellor of the Exchequer, Jeremy Hunt, and the Secretary of State for Energy Security and Net Zero Carbon Emissions. Claire Coutinho, with the Minister of Business and Trade Kemi Badenoch.

Galland, who will also attend a royal reception in the presence of King Charles III at Buckingham Palace, confirmed that Iberdrola “It is proud to contribute to the UK’s leadership on energy security and decarbonisation“.

He emphasized this in this sense The energy company has invested nearly 35 thousand million euros in the country over the past 15 years “To bring the benefits of cleaner, safer and more efficient energy to all Britons.”

“Stable and predictable” regulatory frameworks in the country

“With stable and predictable regulatory frameworks in the UK, so are we We are more committed than ever to continuing to enhance our investments in grids and renewables He emphasized continuing to promote the energy transition and achieving the country’s climate goals.

In its strategic plan 2023-2025, which expects A record investment plan of 47,000 million euros In that period, the UK was already the second major destination for Iberdrola’s investments, with 16% of the total – £6.7 billion, the highest investment made by the company in the country -, after only the United States – with 47% -, and ahead of Spain (13 %).

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This investment in the UK has been divided between its commitment to grid work to boost the country’s electrification and promote renewable energies.

Through Scottish Power, Iberdrola has more than 40 onshore wind farms and two offshore wind farms operating in the UK with a total installed capacity of more than 2,900MW.

In addition, it is developing the East Anglia 3 offshore wind farm, the second largest in the world with an investment of approximately €4.6 billion.

Including those of Iberdrola, the British government declared The world’s leading investors have committed €33,977 million in new projects and capital in the UKThat’s three times the amount raised at the last Global Investment Summit in 2021.

Over 11.5 billion invested in IFM

Including intention Australian IFM FundThe British government, a shareholder in the Spanish energy company Naturgy, announced that it will invest around 11,518 million euros over the next four years in large-scale infrastructure and energy transition projects in the country.

IFM will sign a memorandum of understanding with the Ministry of Business and Trade at the summit to identify commercially viable opportunities, with potential projects including Nala Renewables, a UK-based company within the fund, actively seeking investment opportunities. It seeks to reach the renewable capacity target of 4 gigawatts by 2025.

next to, Microsoft It has pledged to invest around €2.88 billion to build critical AI infrastructure.

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