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Iberdrola secures financial viability for 16 new UK renewables projects

Reuters
·1-min read
The logo of Spanish utility company Iberdrola is seen outside its headquarters in Madrid

MADRID (Reuters) - Spanish power group Iberdrola will develop 16 new renewables projects in the UK after it secured their financial viability through contracts for difference (CfD) with the British government, the company said on Thursday.

Through ScottishPower, its subsidiary in the UK, Iberdrola has obtained CfDs for its large East Anglia Three offshore wind project as well as five smaller onshore wind projects and 10 photovoltaic sites.

The news is an important step towards the construction of the East Anglia Three offshore wind farm, which will involve investments of about 4 billion euros, the company said.

(Reporting by Yann Morell Y Alcover; Editing by Hugh Lawson)