Iberdrola makes €4.8bn renewables investment in UK
UK: Iberdrola is to invest €4.8billion in the UK over the next two years through its British subsidiary ScottishPower, with two thirds of the investment earmarked for wind projects, smart grid and distribution networks.
The company has around 400MW of onshore projects under construction or consented. This includes the €200 million Whitelee extension, which will boost capacity of Europe’s largest wind farm to 539MW. Alstom recently won the contract to supply an additional 75 turbines totalling 217MW to Whitelee using technology from its acquisition of Spanish wind turbine manufacturer Ecotècnia.
Offshore wind is a key area for Iberdrola with 23GW of UK projects in the pipeline. First up will be the 500MW West of Duddon Sands wind farm off Cumbria in the north Irish Sea that it is developing with DONG Energy of Denmark. Construction is slated to begin in 2012.
Iberdrola also holds, with joint venture partner Vattenfall, a site concession to develop the 7.2GW East of Anglia Array. While off the Scottish west-coast, Iberdrola is sole developer of the 15GW Argyll Array.
The group’s Chairman, Ignacio Galán says that its UK investments during 2010-2012 will involve purchases of €5.4billion from Basque suppliers which are "highly specialised" in the electricity sector.
Since the ScottishPower acquisition in 2007, Iberdrola has invested £2.7billion in the UK – 75% of it in Scotland. It is now the country’s leading wind power generator.
