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Iberdrola plans to invest more in renewable energy across UK

CTBR Staff Writer Published 06 February 2015

Iberdrola has unveiled plans to invest heavily in renewable energy across the UK with a particular focus on Scotland.

The company is investing a total of €9.6bn from 2014 to 2016 across its worldwide business, of which the major proportion, €3.9bn, will be in the UK.

Iberdrola invested about €4bn in the UK between 2012 and 2014. The company plans to invest over £10bn from 2015 to 2020, of which about 55% would be in Scotland.

The projects could include new pumped storage capacity via a doubling in size of ScottishPower's existing 440MW facility at Cruachan.

Plans also include additional large offshore wind capacity, together with onshore wind and conventional gas-fired generation.

Iberdrola chairman and chief executive officer Ignacio Galán warned that a solid and stable regulatory framework was necessary if the company's investment plans are to become reality.

Delivering a lecture at the University of Strathclyde, Galán said: "Scotland and Scottish engineers have a long history of leading the world in engineering innovation. Glasgow and Scotland are still leading the way in sectors like renewable energy, with multinational companies setting up here to tap-in to this stream of engineering talent."

Iberdrola has more than over 14,000MW of wind generation capacity globally and about 11,000MW of hydroelectric generation capacity.

ScottishPower, which is part of the Iberdrola Group, currently has about 1,600MW of onshore wind generation capacity in the UK, with majority of the capacity in Scotland.