Spanish multinational utility Iberdrola has signed two acquisition deals that will enable the firm to expand its solar energy portfolio in the UK.
The two deals add 17 solar energy projects or 800MW of capacity to the utility’s renewables portfolio.
The deals were signed through the utility’s subsidiary ScottishPower with Elgin Energy and Lightsource bp.
Approximately £500 million ($684.2 million) will be invested in the projects to ensure they are operational by 2025, ready to produce enough electricity for some 220,000 homes.
From Elgin Energy, Iberdrola is acquiring 12 plants whilst the other five are from Lightsource bp in England, Scotland and Wales.
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The deals expand Iberdrola’s share in the UK’s solar sector from 2% to 9% as the company seeks to expand its business within the market as well as play an increasing role in the energy transition.
The projects will help Scotland move towards its 2045 net-zero greenhouse gas emissions target and the UK to its 2050 target.
With the two deals, Iberdrola has closed 30 renewable energy acquisition deals since 2020. The 30 deals increase the utility’s footprint into countries including Sweden, Ireland, Poland, Japan and Australia and mark an 89% increase in Iberdrola’s solar PV capacity since 2019, according to their statement.
As part of a €150 billion ($171.3 billion) renewable energy investment plan launched by Iberdrola, the utility’s solar portfolio is expected to reach 6GW by the end of 2022 and 14GW by 2025.
The projects will also enable Iberdrola to achieve its 2030 carbon-neutral goal target in Europe.
