The Iberdrola group will develop 16 new renewable projects in the UK after guaranteeing their profitability by obtaining Contracts for Difference with the UK government that ensure their financial viability. Through ScottishPower, its UK subsidiary, the Iberdrola group has won CfD contracts for its large 1,400 MW East Anglia Three offshore wind project; five onshore wind projects with a combined capacity of 396 MW; and ten solar PV sites with a total capacity of 326 MW. The implementation of these initiatives, which will be carried out in Scotland, England and Wales, will almost double the company's installed renewable capacity in this country, incorporating a total capacity of more than 2,200 MW. Iberdrola has thus become the company with the largest number of renewable projects backed by the UK government in the fourth auction held by the Department of Energy BEIS, the result of which was announced. The projects selected in this round will have 11,000 MW of installed capacity, of which almost 4,000 MW correspond to offshore wind energy.This decision is an important endorsement for the construction of the East Anglia Three offshore wind farm, which will involve investments of around EUR 4 billion. This site is one of the three offshore projects that form part of the East Anglia Hub, a macro-offshore wind farm complex that will have an installed capacity of 2,900 MW, enough to supply 2.7 million British homes with clean energy, and will involve an investment of approximately 12 billion euros. This infrastructure will be the Iberdrola group's largest offshore wind project in the world.The successful outcome of this latest round ofCfDs are a financing mechanism that seeks to incentivise investment in new renewable technologies by guaranteeing developers a fixed indexed price, which allows them to meet initial costs and guarantee a minimum long-term return, regardless of the volatility of the wholesale market.
The Iberdrola group will develop 16 new renewable projects in the UK after guaranteeing their profitability by obtaining Contracts for Difference with the UK government that ensure their financial viability. Through ScottishPower, its UK subsidiary, the Iberdrola group has won CfD contracts for its large 1,400 MW East Anglia Three offshore wind project; five onshore wind projects with a combined capacity of 396 MW; and ten solar PV sites with a total capacity of 326 MW. The implementation of these initiatives, which will be carried out in Scotland, England and Wales, will almost double the company's installed renewable capacity in this country, incorporating a total capacity of more than 2,200 MW. Iberdrola has thus become the company with the largest number of renewable projects backed by the UK government in the fourth auction held by the Department of Energy BEIS, the result of which was announced. The projects selected in this round will have 11,000 MW of installed capacity, of which almost 4,000 MW correspond to offshore wind energy.This decision is an important endorsement for the construction of the East Anglia Three offshore wind farm, which will involve investments of around EUR 4 billion. This site is one of the three offshore projects that form part of the East Anglia Hub, a macro-offshore wind farm complex that will have an installed capacity of 2,900 MW, enough to supply 2.7 million British homes with clean energy, and will involve an investment of approximately 12 billion euros. This infrastructure will be the Iberdrola group's largest offshore wind project in the world.The successful outcome of this latest round ofCfDs are a financing mechanism that seeks to incentivise investment in new renewable technologies by guaranteeing developers a fixed indexed price, which allows them to meet initial costs and guarantee a minimum long-term return, regardless of the volatility of the wholesale market.
