Iberdrola has unveiled a £12bn investment plan for the UK, which will be focused on electricity networks and renewables over the period from 2024 to 2028.

The Spanish electric utility made the announcement at the UK Global Investment Summit hosted by UK Prime Minister Rishi Sunak.

Iberdrola’s new commitment adds more than £7bn to the company’s £6.7bn programme, which was previously announced for the period between 2023 and 2025. It has already invested £2bn in the UK as part of the  programme.

The company’s new investment will cover the years 2026-2028.

According to Iberdrola, transmission and distribution electricity networks that have regulatory arrangements in place and projects such as the £2.7bn Eastern Green Link 1 subsea transmission cable would be allocated nearly two-thirds of the 2024-28 capital.

The Eastern Green Link 1 will commence construction in early 2024. Once completed, the subsea transmission cable will transport enough clean green renewable energy to power up to two million households.

The project has also secured regulatory approval for the funding and placing of contracts.

Besides, Iberdrola intends to continue investing in its East Anglia 3 offshore wind farm. The company will also invest in onshore wind and solar projects along with energy retail and green hydrogen in the UK.

Iberdrola executive chairman Ignacio Galán said: “Iberdrola is proud to play our part in supporting the UK’s leadership position on decarbonisation.

“Over the past 15 years, we have invested close to £30 billion in bringing the benefits of greener and more secure energy to the UK.

“Backed by clear regulatory and policy frameworks, we are as committed as ever to speeding up our investments in the UK’s electricity grid and renewables generation.”

The Spanish energy company also aims to increase its investments with additional offshore wind opportunities, such as East Anglia 1 North and East Anglia 2 offshore wind farms.