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

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© Reuters. FILE PHOTO: The logo of the Spanish energy company Iberdrola can be seen on the main building of Iberdrola in Madrid October 6, 2014. REUTERS / Susana Vera / File Photo

MADRID (Reuters) – The world’s leading wind power provider Iberdrola (OTC 🙂 will pour six billion pounds (8.24 billion US dollars) into a wind farm complex in the North Sea off the east coast of Great Britain in its world’s largest project investment, it said on Monday.

Iberdrola said in a statement it will settle the bill for the East Anglia Hub site, whose soaring turbines will have a capacity to generate 3.1 gigawatts of electricity, enough to power more than 2.7 million homes.

The positioning of turbines in the ocean allows generators to sense high wind speeds free of any obstructions on land and is a key component in the decarbonization plans of some of the world’s largest economies.

The investment requires the UK to issue a building permit for the site and contracts for differences that guarantee a minimum price for the electricity generated.

It adds to the £ 10 billion Iberdrola has already pledged to invest in the UK between 2020 and 2025.

The UK aims to have 40 GW of offshore wind capacity installed by 2030, up from 10.4 GW currently. Iberdrola trades in the UK through Scottish Power, which it bought in 2007.

The Green Investment Group, a branch of the Australian bank Macquarie, owns 40% of one of the parks within the East Anglia Hub.

($ 1 = 0.7280 pounds)

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