Iberdrola will commit £6bn to subsidiary ScottishPower’s 3GW East Anglia Hub off the UK’s east coast.
The amount will make it the group’s largest project investment worldwide.
The £6bn investment in the “Hub”, which is subject to securing planning consent for East Anglia 1 North and 2 and Contracts for Difference for all three “Hub” projects was announced at the Global Investment Summit, attended by Prime Minister Boris Johnson.
Iberdrola chief executive Ignacio Galan will confirm the funding is in addition to the £10bn UK investment being made by Iberdrola between 2020-2025 to double renewable generation capacity.
He said: “We are fully committed to playing our part and our £6bn planned investment in East Anglia Hub will be a significant step towards ensuring offshore wind produces enough clean electricity to power every UK home by 2030.”
East Anglia Hub comprises three wind farms off the coast of Suffolk: East Anglia 1 North, East Anglia 2 and East Anglia 3.
East Anglia Hub could support up to 7000 jobs during development, construction and operations, as well as significantly support the UK supply chain.
Iberdrola is investing €150bn mainly in renewables and smarter grids to 2030.
The initial 1400MW of power to be generated through the projects via East Anglia 3 has secured planning consent.
Planning application decisions are currently awaited for East Anglia 1 North (800MW) and East Anglia 2 (900MW).
Subject to the outcome of the planning considerations, construction of the East Anglia Hub is expected to commence in 2022, with completion in 2026.