UK’s Renewables See Over $31 Billion in New Investments

In a big push for its renewable energy sector, the UK government has secured more than $31.32 billion in new private investments which can create thousands of jobs in green industries ahead of the International Investment Summit on October 14.       

The investments confirmed by private investors will deliver growth in the clean energy sector across the UK, from Yorkshire to Suffolk and Aberdeen to Stow, representing a huge vote of confidence in the UK and long-term growth.      

The investors include Iberdrola – one of the biggest energy companies in Europe, via its UK subsidiary ScottishPower – doubling their investment in the UK, Orsted unlocking $10.44 billion and GreenVolt $3.26 billion of investment in offshore wind farms, and SeAh Wind UK announcing a $293.59 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.  

In the last 100 days, the government has overturned the nine-year onshore wind ban in 72 hours, consented more solar than ever before, secured the most successful renewable auction round in history, and launched Great British Energy.    

The UK Prime Minister Keir Starmer said that these investments were a huge vote of confidence in his government and its relentless focus to drive growth across the UK.

“Whether you are in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment,” Starmer said.

Iberdrola Executive Chairman Ignacio Galán said that after investing more than $39.25 billion in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading his company to double its investments for 2024-28, reaching up to $36.54 billion.

“This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola,” he added.

The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world to deepen our partnership to drive investment and growth.   

Planned Investments

Iberdrola is doubling their investment in the UK, through Scottish Power, from $15.66 billion to $31.32 billion over the next four years. With this, the UK has become their largest Investment destination, Galan added.

Orsted said that its commitment will see thousands of jobs for local people, while Greenvolt it will create up to 2800 construction jobs.

SeAH Wind has made an additional investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to $1.17 billion and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.

Macquarie supporting investment of $1.7 billion into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.