The UK government has announced the securing of more than £24 billion in private investment aimed at “pioneering” energy projects ahead of the International Investment Summit scheduled for 14 October. This substantial funding is expected to enhance the clean energy sector across various nations and regions, marking “a huge vote of confidence in the UK and long-term growth.”
Among the investors committing funds to renewable energy initiatives are Iberdrola, through its UK subsidiary ScottishPower; Orsted; SeAh Wind; Floatation Energy; and Macquarie.
Prime Minister Keir Starmer highlighted the significance of these investments, stating, “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 noted, “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 has announced plans to more than double its previously planned UK investments for the period from 2024 to 2028, increasing the total to £24 billion. Approximately two-thirds of this amount will be directed toward transmission and distribution network activities, with additional funds allocated to renewable energy projects, including £4 billion for the 960MW East Anglia 2 wind farm off the east coast of England.
Iberdrola chairman Ignacio Galán remarked, “This is a vote of confidence in the UK's clear and stable policies and is a major 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 CEO Mads Nipper, whose company has committed to unlocking £8 billion 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.”
