In advance of the upcoming international investment summit, leaders from major green energy companies have pledged over £24 billion in new private investment across the UK. Prime Minister Keir Starmer is set to meet these energy leaders in Edinburgh at the first Council of Nations and Regions on Friday to discuss the projects, which will support the government’s clean energy targets and economic growth.
Starmer hailed the announcement as a "huge vote of confidence" in the government’s focus on driving growth across the UK, noting that the investments would help create thousands of jobs in regions such as Scotland, Wales, Northern Ireland, and England. He emphasized that the upcoming international investment summit would be "a springboard" for turning the UK into a hub of innovation and investment.
With ambitious goals for economic expansion, including the establishment of a zero-carbon electricity system by 2030, the government is under pressure to show it can secure sufficient private sector backing. This follows a reduction in plans to spend £28 billion annually on decarbonizing the energy sector.
Among the largest investment commitments is from Spain's Iberdrola, the parent company of Scottish Power, which has doubled its planned UK investments to £24 billion over the next four years. Last year, Iberdrola had committed £12 billion by 2028 to upgrade Britain’s energy grid and develop renewable projects. The company has now added another £12 billion to this plan after winning a contract to build a new offshore wind farm and acquiring Electricity North West for over £4 billion.
José Ignacio Sánchez Galán, Iberdrola's executive chair, said the investment reflects confidence in the UK’s stable investment environment and its clear policy direction toward achieving net zero emissions.
Danish energy giant Ørsted has also pledged £8 billion for offshore wind projects, while Portuguese company Greenvolt plans to invest £2.5 billion in its own wind farms. Ørsted’s CEO, Mads Nipper, said the UK’s clean energy targets, combined with a government committed to creating necessary policy frameworks, make the UK an attractive destination for green energy investments.
Additional investments include £1.3 billion from Australian investment bank Macquarie for a solar farm and electric vehicle charging infrastructure, and £325 million from US nuclear engineering firm Holtec to build a factory in South Yorkshire. This factory will supply parts to nuclear power plants and is expected to create 1,200 jobs.
Other notable contributions include £300 million from BW Group for a battery energy storage project in Birmingham, and a £225 million investment from SeAH Wind in a manufacturing facility in Teesside, expected to generate 750 jobs by 2027.
