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Iberdrola to plough $8.2 billion into mega UK offshore wind farm By Reuters

by Mike Robinson

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© Reuters. FILE PHOTO – The Spanish power company Iberdrola can be seen at the top of Iberdrola’s Madrid main office building, October 6, 2014. REUTERS/Susana Vera/File Photo

MADRID (Reuters). – Global leader Iberdrola (OTC) announced on Monday that six billion pounds (6.24 trillion dollars) would be invested in a North Sea wind farm project off the east coast. It is the largest investment in a single global project.

Iberdrola stated in a statement that it will pay the cost of the East Anglia Hub site. Its turbines can generate more than 3000 megawatts, sufficient to power over 2.7 million homes.

Emplacement of turbines on the seafloor allows for generators to harness high wind speeds without the limitations of land. It is also a crucial component of many of the biggest economies’ decarbonisation plans.

It is dependent on Britain granting planning permission and contracts for differences, which ensure a low price for electricity generated.

The investment adds to Iberdrola’s 10 billion euro pledge to Britain in 2020-2025.

Britain’s goal is to build 40 GW of offshore wind energy capacity by 2030. That’s an improvement on its 10.4 GW currently. Iberdrola is traded in Britain via Scottish Power. It bought it in 2007.

Green Investment Group is an Australian arm of Macquarie Bank that owns 40% in one park within the East Anglia Hub.

($1 = 0.7280 pounds)

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