Spanish energy company Iberdrola has announced plans to invest £6bn ($8.2bn) to develop the East Anglia Hub, an offshore wind complex in the UK.
It will complement the £10bn investment earmarked in the company’s 2020-25 plan, which is intended to increase renewable capacity and drive decarbonisation in the UK.
Iberdrola chairman Ignacio Galán said: “This meeting has given us the impetus we need to speed up our net-zero commitments ahead of COP26.
“We are fully committed to fulfilling our role in this process, and our £6bn investment in the East Anglia Hub will be a significant step toward ensuring that offshore wind is able to produce enough clean energy to power all the households in the UK by 2030.
“The East Anglia Hub complex is an example of how companies can support the government’s net-zero ambitions within a predictable, stable framework.”
Located off the Suffolk coast, the East Anglia Hub includes the East Anglia One North , Two and Three wind farms.
The project will have more than 3,000MW of total installed capacity and create up to 7,000 jobs.
It will generate enough clean energy to power 2.7 million households in the region.
The East Anglia Hub is intended to support the UK Government in its aim to expedite a ‘green industrial revolution’ and power every home in the country with offshore wind energy by 2030.
The 1,400MW East Anglia Three project has already secured planning permission.
Based on the outcomes of these considerations, construction works on the East Anglia Hub are expected to begin in 2023 and be completed by 2026.