Iberdrola is strengthening its presence in the UK, with Executive Chairman Ignacio Galán meeting Prime Minister Keir Starmer and government officials at the country’s inaugural international investment summit. During this meeting, Galán outlined the company’s new roadmap for the UK, which includes plans to double investments to over €28 billion by 2028.
Galán was the sole representative from a major Spanish firm at the summit, which featured leaders from a dozen multinational corporations. He emphasized his commitment to continuing investments in the UK, which has become Iberdrola’s primary investment destination until 2026.
Prime Minister Starmer remarked, “People will benefit from Iberdrola’s investment in our green energy sector. The company’s choice of the UK as its top investment destination is a significant boost to our economy and a strong vote of confidence in our ambitious clean energy goals.”
Galán expressed that the decision to invest further in the UK reflects confidence in its stable policies. He noted that both Iberdrola and the UK share ambitions related to energy security, industrial growth, job creation, and decarbonization.
The revised investment plan is driven by the UK’s promising energy demand growth and policies aimed at achieving net-zero emissions and enhancing electrification. Two-thirds of Iberdrola’s planned investments will focus on distribution and transmission networks, with increased funding required under the upcoming 2026–2031 regulatory framework (RIIO-T3), which will be approved next year. This includes initiatives like the Eastern Green Link 1 underwater interconnection.
Iberdrola is also finalizing the integration of Electricity North West (ENW), which it acquired for €5 billion in August. ENW distributes electricity in northwest England and will focus on enhancing supply security, connecting more renewable energy sources, and promoting electrification.
Additionally, Iberdrola will launch the East Anglia 3 offshore wind farm, currently under construction, and the recently awarded East Anglia 2 project, which will require about £4 billion (€4.8 billion) in investment. This project alone is expected to generate enough green energy to power around one million homes. The company is also expanding its investments in onshore wind, solar PV, and battery projects.
In just the last three months, Iberdrola has announced £8 billion (approximately €10 billion) in new investments, including those for the East Anglia 2 offshore wind farm and ENW. This is in addition to the over €36 billion (£30 billion) the company has invested in the UK since acquiring ScottishPower.
