MADRID Reuters - Iberdrola International Wind Power Association will invest six billion dollars in a wind farm complex in the North Sea of England, with the biggest project investment to be done worldwide, it said on Monday.
Iberdrola said in a statement it would foot the bill for the East Anglia Hub site, whose overhead turbines will have capacity to generate 3.1 gigawatt of electricity, enough to power more than 2.7 million homes.
Positioning turbines in the sea allows generators to capture high wind speeds entirely out of any barriers on land and is a key component in decarbonization plans of some of the world's biggest economies.
The investment is contingent on Britain giving plan permission for the site, and contracts for difference guaranteeing a minimum price for the electricity it produces.
Iberdrola adds to the 10 billion pounds Iberia has already pledged to invest in Britain between 2020 and 2025.
Britain aims to have installed 40 GW of offshore wind capacity by 2030, up from current 10.4 GW. Iberdrola trades in Britain through Scottish Power, which it purchased in 2007.
Macquarie, an arm of the Australian bank GIF, owns 40% of one of the parks on the East Anglia Hub.