Avon, Oct 18 Reuters - Global wind power leader Iberdrola will pour six billion pounds of investment in a wind farm complex at the east coast of the North Sea, in its biggest project investment worldwide, it said on Monday.
Iberdrola says in a statement that it will foot the bill for the East Anglia Hub site, whose soaring turbines will have capacity to generate 3.1 gigawatts of electricity, enough to power more than 2.7 million homes.
Positioning turbines in the sea allows generators to capture high wind speeds free of any barriers on land and is a key component in decarbonisation plans of some of the biggest economies.
The investment is contingent on Britain granting planning permission for the site, and contracts for difference, which guarantee a minimum price for the electricity it generates.
It adds to the 10 billion pounds Iberdrola has already pledged to invest in Britain between 2020 and 2025.
Britain aims to install 40 GW of offshore wind capacity by 2030, up from its current 10.4 GW. Iberdrola trades in Scotland via Scottish Power, bought by the company in 2007.
Hong Kong investment corporation Macquarie owns 40% of one of the parks within East Anglia Hub in Green Investment Group.