Spain’s renewable energy giant Iberdrola has committed to invest 6 billion ($8.2 billion, 7.1 billion euros) to create Britain’s largest offshore wind development, Prime Minister Boris Johnson and company said on Monday.
Johnson said the project off the east coast of England, involving Iberdrola’s subsidiary Scottish Power, would supply enough energy to power 2.7 million homes, and create 7,000 jobs.
The project still requires planning consent. It is one of 18 deals totaling $9.7 billion and creating a potential 30,000 more jobs to be formally announced at the UK Global Investment Summit on Tuesday to support green growth.
Iberdrola president Ignacio Gallen said the investment would be “an important step in getting enough offshore wind to power every UK home by 2030”.
Johnson, who has outlined Britain’s plans to reach net-zero carbon emissions by 2050, is keen to burnish her green credentials to host world leaders at the United Nations climate change summit in Glasgow next month.
The COP26 convention is being seen as the last opportunity to reduce tough emissions targets to curb rapidly rising global warming.
British leaders also see green investment as a key to boosting the country’s economy after the coronavirus pandemic and Brexit.
“The spectacular 9.7 billion new investments we secured today will bolster our economic recovery, create thousands of jobs and help raise levels across the country,” he said.
Other deals to be announced include the development of net-zero warehouses supporting about 14,000 jobs in a 1.5 billion plan by US investment group Prologis, according to Downing Street.
Its chief executive, Hamid Moghadam, said that private sector innovation “has a major role in overcoming the environmental challenges facing the world today”.
Other deals include Turkish company Getir expanding its “sustainable” grocery delivery service across the UK, creating 7,000 permanent jobs next year.
Turkish-owned Eren Paper will produce cardboard from paper waste in Wales, while Budweiser Brewing Group, as well as its lorries and forklift trucks, will pump 100 million into hydrogen production for fuel production.
Nearly 200 global business leaders are expected to attend the summit, including Microsoft founder-turned-philanthropist Bill Gates and JPMorgan Chase chief executive Jamie Dimon.
Johnson’s government will announce its net-zero strategy this week, his office said, focusing on measures to develop a domestic clean energy sector.
The prime minister wants the UK to shift all of its energy production to renewable sources, including offshore wind, by 2035.
(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)