The company previously spent more than £2bn as part of a £6.7bn programme between 2023 and 2025. This will now be followed by an additional planned investment of £7bn between 2026 and 2028.
The company plans to direct two-thirds of its 2024 to 2028 investments towards transmission and distribution electricity networks, along with projects such as £2.7bn Eastern Green Link 1 which secured regulatory approval in November 2023.
Iberdrola will continue to invest in the East Anglia 3 offshore wind farm, along with onshore wind and solar, energy retail and green hydrogen projects in the country.
Iberdrola executive chairman Ignacio Galán stated: “Iberdrola is proud to play our part in supporting the UK’s leadership position on decarbonisation.
“Over the past 15 years, we have invested close to £30 billion in bringing the benefits of greener and more secure energy to the UK.
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“Backed by clear regulatory and policy frameworks, we are as committed as ever to speeding up our investments in the UK’s electricity grid and renewables generation.”
Over a 15-year period, Iberdrola has invested £30bn in the country’s grid and renewable generation capacity.
Its subsidiary ScottishPower was the first utility in the country to achieve 100% green electricity.
Institutional investor IFM Investors has entered a memorandum of understanding (MoU) with the UK government to invest £10bn in the country by 2027.
IFM signed the MoU with the Department for Business and Trade at the Global Investment Summit 2023 in London.
The objective of the MoU is to work with the government to identify opportunities for investment and to invest across the UK’s large-scale infrastructure and energy transition projects.
IFM can now partner with government departments to gain a better understanding of policy priorities along with the ongoing development of infrastructure and energy transition.
IFM expects to support UK investment through its portfolio company Nala Renewables, which seeks to achieve 4GW in renewable capacity by 2025.
IFM Investors CEO David Neal stated: “Australia’s “super funds” system can be a trusted long-term partner with the United Kingdom. We’re proud to sign this memorandum of understanding with the UK government, which is a signal of the confidence IFM and Australian super funds have in the UK as a place to invest.
“Our presence in the UK continues to grow and we look forward to working closely with the government to drive investment into large-scale infrastructure and energy transition projects across equity and debt funding.”
“Partnerships between governments and long-term investors are necessary to unlock the potential of pension funds to invest to help mitigate system-level risks such as climate change.”
UK Business and Trade Secretary Kemi Badenoch stated: “This £10bn commitment from IFM Investors is a very important investment for the UK’s innovative energy and infrastructure sectors.
“The increasing flows of new capital into our country, combined with the Global Investment Summit, show how the UK is fast becoming the most exciting and innovative place in the world to invest.”