Iberdrola's British affiliate ScottishPower has pledged to actively pursue the development of future offshore wind projects in England and Scotland as part of a £6bn (about €7bn) investment plan. The company aims at building more wind parks on top of the ones it already has under development such as the 714 MW East Anglia One project, which is slated for commissioning in 2020.
In February 2019, the company outlined plans to invest up to £2bn (€2.3bn) in the United Kingdom (UK) in 2019. This is the company's single largest investment amount in a single year and it comes at a time when it updates its investment plans following the sale of its thermal power generation business, which included about 2 GW of power generation capacity.
Over the 2018-2022 period, the company will invest £6bn (€7bn) in the UK, of which £2.4bn (40%) will be dedicated to renewable energy power generation activities, £2.5bn (42%) on smarter enhanced power networks and £0.9bn (15%) on innovative services and products. The new investments will also be allocated to new sectors such as electric vehicle (EV) charging, smart grids and energy storage but will continue to focus on connecting new renewable capacities to the British power grid.
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