SCOTTISHPOWER, a leading renewable energy company in the UK, has announced plans to inject an additional £12 billion into clean energy projects across the country. This significant investment effectively doubles the company’s financial commitment to the UK, bringing its total investment to £24 billion by 2028.
The decision to increase investment comes in the wake of recent government actions that have bolstered confidence in the UK’s clean energy sector. ScottishPower CEO Keith Anderson cited the government’s assertive stance on planning approvals for large-scale solar installations as a key factor in the company’s decision. The approval of several major solar projects in Lincolnshire, Suffolk, and Cambridgeshire, despite local opposition, has sent a strong signal to investors about the UK’s commitment to renewable energy.
Chief executive Keith Anderson, who will meet Sir Keir Starmer in Edinburgh on Friday, told the PA news agency the controversial approach to planning is “what we want to see as an investor”.
In Labour’s first weeks in government, Energy Secretary Ed Miliband waved through a handful of Britain’s largest solar farms in Lincolnshire, Suffolk and Cambridgeshire, overruling local opposition and sparking outcry.
Anderson commented: “That gives us a lot of confidence, pushing through those planning decisions.
“We’re seeing enough clarity around the plan for clean power by 2030 and the investment horizon looks good – so that’s it. – we’ll sign up for this.”
The investment comes alongside £8bn from Danish energy giant Orsted and £2.5bn from offshore wind power firm GreenVolt.
ScottishPower supplies energy to 4.4m homes and businesses, builds onshore and offshore wind farms and runs vast tracts of the power grid across Scotland, and parts of England and Wales.
Approximately two-thirds of the new funding will be allocated to enhancing the UK’s electricity grid.
ScottishPower’s investment is part of a larger wave of clean energy investments in the UK. Danish energy giant Orsted has committed £8 billion, while offshore wind developer GreenVolt is contributing £2.5 billion to the sector. These investments are expected to create thousands of jobs and significantly boost the UK’s renewable energy capacity.
Ignacio Galan, ScottishPower’s chairman, emphasised that the UK’s “clear policy direction, stable regulatory environment, and overall appeal” have been crucial factors in this increased investment.
With this commitment, ScottishPower and its parent company Iberdrola have positioned the UK as their primary investment hub, surpassing their investments in other major markets such as Spain, the United States, Brazil, and Mexico. As the UK continues to pursue its decarbonisation goals, ScottishPower’s expanded investment plan is set to play a crucial role in shaping the country’s clean energy future and reinforcing its position as a leader in renewable energy development.
