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The UK government has welcomed more than £24bn of private investment for “pioneering” energy projects ahead of the International Investment Summit on 14 October.
It said the cash would boost the clean energy sector across nations and regions and represent “a huge vote of confidence in the UK and long-term growth.”
Among those to pledge finance to renewable energy activities is Iberdrola – via its UK subsidiary ScottishPower – Orsted, SeAh Wind, Floatation Energy, and Macquarie.
Prime Minister Keir Starmer said: “Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.
“Whether you’re in Scotland, Wales, Northern Ireland, or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.”
Energy Secretary Ed Miliband (pictured) added: “The government’s clean energy superpower mission is not just about taking back control of our energy system to protect consumers, it is also about powering economic growth through good jobs.
“These investments are a decisive vote of confidence from the private sector in our mission-led approach.
“This government is in a hurry to deliver energy security, lower bills, good jobs, and climate leadership for the British people, and these investments are another significant step forward.”
Iberdrola said it intends to more than double its previously planned UK investments during 2024-28 up to a total of £24bn.
It said around two-thirds of this sum will be funnelled into transmission and distribution network activities, while other funds will go to renewable energy projects, including £4bn for the delivery of the 960MW East Anglia 2 wind farm off the east coast of England.
Iberdrola chairman Ignacio Galán said: “This is a vote of confidence in the UK’s clear and stable policies and is a significant boost to the economy and the path towards green energy security and net zero.
“The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.”
Orsted chief executive Mads Nipper, whose company has pledged to unlock £8bn of investment, added: “The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.”
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