The government of the UK has secured more than £24bn ($31.39bn) in private investments for innovative energy projects, ahead of its International Investment Summit on 14 October 2024.
It states that these investments will lead to the creation of thousands of jobs in the green energy sector.
The investments, confirmed by a roster of private investors, are set to catalyse growth in the clean energy sector throughout the UK, from Yorkshire to Suffolk and Aberdeen to Stow.
UK Prime Minister Keir Starmer stated: “Today’s investments are a huge vote of confidence in this government and our relentless focus to drive growth across the UK.
“Whether you’re in Scotland, Wales, Northern Ireland or England – we are creating the conditions for businesses to thrive, and our International Investment Summit will be a springboard for every part of the UK to be an engine of innovation and investment.”
Companies committing funds to renewable energy projects include the BW Group, Holtec, Iberdrola, Macquarie, Ørsted and SeAh Wind.
Iberdrola, through its subsidiary Scottish Power, has committed to doubling its UK investment from £12bn ($15.69bn) to £24bn up to 2028.
This substantial increase includes a £4bn allocation for the East Anglia 2 wind farm off the Suffolk coast.
Ørsted has earmarked £8bn for future projects, and GreenVolt has announced a £2.5bn investment in offshore wind farms.
In the northeast of England, SeAh Wind UK is set to invest £225m to establish a wind technology manufacturing facility in Teesside, reinforcing the UK's status as a global leader in wind power.
Macquarie is allocating £1.3bn to new green infrastructure, including the Island Green Power solar farm in Stow.
Further investments include BW Group's £300m commitment to a new battery energy storage project in Birmingham and Holtec's £325m investment in a manufacturing facility in South Yorkshire, which will supply materials for nuclear power stations such as Hinkley Point C and potentially Sizewell C.
Energy Secretary Ed Miliband stated: “The government’s clean energy superpower mission is not just about taking back control of our energy system to protect consumers - it is also about powering economic growth through good jobs.
“These investments are a decisive vote of confidence from the private sector in our mission-led approach.
“This government is in a hurry to deliver energy security, lower bills, good jobs and climate leadership for the British people.”
In July 2024, the UK government approved three new solar farms in the Midlands, capable of powering 400,000 homes.
