ScottishPower owner Iberdrola has unveiled a transformational €58bn strategic plan with the UK now its top destination for investment.
The plan, launched in London today, will see the business prioritise electricity grids to help deliver a “new era” for investment as it delivers the biggest rewiring Britain has seen since electrification.
Iberdrola will increase its investment in A-rated countries with attractive regulatory frameworks, with the UK a major beneficiary due to its clear and stable policy outlook.
Over 65% of Iberdrola’s investment will be in the UK and US, which its Executive Chairman, Ignacio Galan, said provide clear growth pathways and strong policy frameworks which make them attractive to invest in.
He said: “We are in a new era for electrification. We are the only company in the world that can deliver this opportunity due to our size and scale.
“We will invest €58bn by 2028, two-thirds of which will go to transmission and distribution networks, mainly in the United Kingdom and the United States.
“During this period, we will add more than 15,000 people to our workforce, make purchases of more than €65bn to thousands of suppliers –supporting 500,000 jobs–, our tax contribution will exceed €40bn, and we will invest €1.6bn in R&D&I, while also achieving carbon neutrality by 2030.”
ScottishPower CEO Keith Anderson said its £24bn UK plan to 2028 will be transformative for the country. He said: “The scale of today’s announcement cannot be underestimated, we’re investing record sums to deliver the grid that will stand for the next century.
“The UK has always been an important investment destination for Iberdrola, but now it’s in pole position to benefit further.
“With UK energy demand expected to increase in the next decade, we need a grid that can match that. Together with the UK’s clear energy ambitions and policy frameworks we see a country perfectly positioned to take advantage of a capital investment programme that will unlock growth, boost supply chains and deliver a lasting benefit for decades to come.”
ScottishPower is investing £24bn through to 2028 as it builds out the transmission grid across central and southern Scotland and the electricity distribution grids in central and southern Scotland, north west England and north Wales. It’s also building two of the largest offshore wind farms in the world off the coast of East Anglia which together will deliver 2.3 GW of clean power for Britain.