The owner of ScottishPower, Iberdola, has announced its plans to undertake a £6bn investment in developing the East Anglia Hub - an offshore wind complex.
The investment marks its biggest investment to date and will be one of the largest offshore wind projects worldwide.
The work will be undertaken by its subsidiary ScottishPower following Iberdola chairman and chief executive, Ignacio Galán confirming the East Anglia Hub off the coast of Suffolk in addition to the £10bn the Spanish utility giant had already pledged to invest in the UK between 2020 and 2025.
The hub will comprise of three wind farms: East Anglia One North, East Anglia Two and Three. It is estimated they will generate up to 3.1 GigaWatts (GW) of electricity, enough to power 2.7m homes.
However, the investment relies on planning permission being granted for the site and an agreement on contracts for difference to guarantee a minimum price for the generated electricity.
Currently only the East Anglia Three project has already secured planning permission with an installed power of 1,400 MegaWatts (MW).
The Secretary of State at the Department of Business, Energy and Industrial Strategy is currently analysing them.
If approved, construction on the East Anglia Hub will start in 2023 and will be completed by 2026. The East Anglia One North is expected to produce 800 MW and the East Anglia Two is expected to produce 900 MW.
Ignacio Galán chairman at Iberdola, said: “we are fully committed to fulfilling our role in this process, and our £6bn investment in East Anglia Hub will be a significant step toward ensuring that offshore wind is able to produce enough clean energy to power all the households in the UK by 2030".
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