Scottish Power owner promises tripled renewable capacity by 2030
Iberdrola, the Spanish owner of Scottish Power, has announced that it will triple its renewable energy capacity by 2030 to 95GW of clean power.
Electrical Review reports that, last November, Iberdrola pledged to spend 75 billion euros between 2020 and 2025 in bolstering its network. It’s now committing to another 75 billion euros in the latter half of this decade.
Iberdrola’s UK subsidiary, Scottish Power, is the first integrated energy company in the UK to generate 100% green electricity. The firm has 40 operational wind farms producing around 2,000 MW of electricity, with that set to grow even further with this increased expenditure.
Scottish Power has also committed to invest heavily in the UK’s renewable energy market, promising to spend £6 billion between 2018 and 2022. Not all of that will be spent on new renewable energy generation, however, with just 40% of the funding earmarked for new wind farms and clean power producers. A further 42% will be spent on smart grids, while 15% is set to be invested on innovative services and products for customers.