Iberdrola bags CfD for over 2.1 GW of renewables in UK's auction

Spanish utility Iberdrola SA (BME:IBE) on Thursday secured contracts for difference (CfDs) for 16 solar, onshore and offshore wind power projects totalling 2,122 MW in UK government’s fourth allocation round, the group announced.

Among them is the project for the 1,400-MW East Anglia Three offshore wind farm, which won the 15-year CfD at a strike price of GBP 37.35 (USD 44.58/EUR 44.08) per MWh.

The CfDs will also support five onshore wind projects totalling 396 MW and ten solar PV sites with a combined capacity of 326 MW.

Iberdrola, through its UK subsidiary ScottishPower, will build these projects in Scotland, England and Wales, it said.

“This decision is an important endorsement for the construction of the East Anglia Three offshore wind farm, which will involve investments of around EUR 4 billion,” Iberdrola said.

The project is one of three that will make up Iberdrola’s 2,900-MW East Anglia Hub offshore wind complex off the east coast of England.

Thursday’s CfD auction made Iberdrola the company with the largest number of renewable energy projects backed by the financing scheme. Its projects were among 93 bringing almost 11 GW of new capacity to England, Scotland and Wales.

(GBP 1.0 = USD 1.194/EUR 1.180)

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