The UK has received over £24 billion worth of private sector investment commitments for clean energy
Iberdrola alone wants to double its investments over next 4 years from £12 billion planned now through Scottish Power
It attributes clear policy direction, stable regulatory frameworks and overall attractiveness of the UK market for this commitment
The United Kingdom (UK) Government has announced private sector financial commitments worth over £24 billion ($31.34 billion) for its clean energy sector. The single largest commitment comes from Spanish energy giant Iberdrola that plans to double its investments in the country from £12 billion ($15.67 billion) to £24 billion during 2024-2028, through its local presence Scottish Power.
Among the other big investments committed include Ørsted’s £8 billion and GreenVolt’s £2.5 billion (3.26 billion) investments in offshore wind farms. SeAh Wind UK has also promised a £225 million ($293.8 million) expansion of its investment in the North East to build a wind technology manufacturing fab.
Macquarie is also supporting an investment worth £1.3 billion ($1.70 billion) into new green infrastructure including its Island Green Power Solar Farm in Stow, and electric car ultra-fast charging points along the UK motorway, among other investors.
The new Labour government headed by Keir Starmer prides itself on creating the conditions for businesses to thrive in this space.
It lists its achievements within the initial 100 days of coming into power as overturning the 9-year onshore wind ban in 72 hours, having consented to ‘more solar than ever before,’ launched the publicly owned clean energy company Great British Energy, and conducted the ‘most successful renewable energy auction round in history’ (see United Kingdom Selects Over 9.6 GW RE Capacity For Allocation Round 6).
The government recently also launched a new energy storage scheme to create backup renewable power and boost the country’s energy security.
Iberdrola Executive Chairman Ignacio Galán gave a thumbs up saying, “After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.”
This ‘tidalwave’ of clean energy investments has been announced ahead of the country’s International Investment Summit due on October 14, 2024.
The Labour government swept UK’s general elections in July this year, leaning on its green promises of making itself a clean energy superpower and tripling solar power capacity, doubling onshore wind, and quadrupling offshore wind by 2030. The country is expected to have a total of 20 GW of solar PV capacity installed by the end of 2024, while the official target is to achieve up to 70 GW by 2050 (see Britain’s Green-Leaning Labour Party Back In Power).