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    Iberdrola to invest $22.5 billion in wind energy after winning a "mega-auction" in Scotland


    January 17, 2022 - CE Noticias Financieras

     

      Iberdrola's international expansion got a major boost today after being awarded the rights to build 7,000 megawatts (MW) of offshore wind power in Scotland, in the largest-ever contract launched by Edinburgh. The development will involve an investment of E22.5 billion, of which almost E12 billion has been committed to Scottish companies and institutions, including a Supply Chain Stimulus Fund of almost E90 million.

      The group will develop three large-scale projects that are part of the ScotWind program and are scheduled for commissioning in 2030. Of these, two will be built with floating technology through a partnership with Shell and the third on a fixed structure. Together they could supply clean energy to nearly 8.5 million homes, three times the number of homes in Scotland.

      Renewables

      Unstoppable trend

      The first two sites, MarramWind, 3,000 MW of floating technology off the northeast coast of Scotland, and CampionWind, 2,000 MW of floating technology off the Scottish east coast, will be developed jointly with Shell. The third, MachairWind, a 2,000 MW project, will be developed with fixed foundations in waters off the Isle of Islay in western Scotland and is wholly owned by Iberdrola.

      "The trend towards climate neutrality is unstoppable, but making it a reality entails decarbonizing the energy sector and in that process offshore wind technology is essential because of its immense energy potential, its competitiveness and the great opportunities for industrial development and job creation. The award of Scotwind shows our commitment to Scotland and the United Kingdom," said Iberdrola's chairman, Ignacio Galán, in a statement.

      Sector

      Leader in offshore wind

      The text recalls that Iberdrola is a global leader in offshore wind with more than E5.5 billion invested in the UK, continental Europe and the US, and plans to reach E30 billion by 2030.

      With these projects, Iberdrola triples its offshore wind portfolio in the UK, which exceeds 10,000 MW. The energy company is a world leader in offshore wind development, with an operational capacity, pipeline and early-stage developments of approximately 37,000 MW.

      The company expects to have 12,000 MW in operation by 2030 and cumulative investments in excess of 30 billion euros worldwide.

      Figures

      1,285 MW currently in operation in the United Kingdom.

      With these awards, the group reaffirms its commitment to promoting renewables in the United Kingdom, a key market for Iberdrola, where last week it announced the purchase of seventeen photovoltaic solar energy projects, with a combined capacity of more than 800 megawatts.

      The energy company currently operates 1,258 MW in the United Kingdom and Germany, which have involved an investment of more than 5,500 million euros, and has 4,100 MW under construction or with construction assured in the USA, France and Germany, with a committed investment of more than 15,000 million euros.

      In addition, it has a project portfolio of 31,500 MW in the United States, the United Kingdom, Poland, Sweden, Ireland, Taiwan, Japan, the Philippines and Brazil, a portfolio that could increase in the coming years with the numerous auctions in which it is participating.

      Other awards

      Along with Iberdrola and Shell, other 'big players' in the oil sector have also been awarded contracts, such as BP, which has made a strong entry into the development of renewables in recent times, winning 2.9 GW together with the German company EnBW; as well as SSE Renewables, together with Maurbeni and CIP, with 2.6 GW.

      ?

      ? also winning capacity in the auction were DEME, with 2 GW; Offshore Wind Power, a joint venture between Macquarie, TotalEnergies and RIDG, with 2 GW; Falck Renewables, with 2.7 GW; Vattenfall, with 798 MW; BayWa, with 960 MW; Northland Power, with 2.3 GW; and Magnora, with 495 MW.

      ?

      ?Ocean Winds, the joint venture owned 50/50 by EDPR and Engie, has also been awarded a 1 GW project on the Caledonian seabed.

      ?

      ?This was the largest tender to date by the Crown Estate Scotland, with some 25 gigawatts (GW) up for grabs for a total of 17 projects.

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