Thousands of jobs in green industries have been announced as the UK Government welcomes more than £24 billion of private investment for pioneering energy projects ahead of the International Investment Summit on 14th October.

Prime Minister Keir Starmer said:

“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.”

The billions worth of investments from leading companies include:

• Iberdrola - one of the biggest energy companies in Europe - doubling their investment in the UK
• Orsted unlocking £8bn and GreenVolt £2.5bn of investment in offshore wind farms
• SeAh Wind UK announcing a £225 million expansion of their investment in the North East to build a state-of-the-art wind technology manufacturing facility in Teesside, solidifying the UK’s position as a world leader in the wind power industry.

Iberdrola Executive Chairman Ignacio Galán commented:

“After having invested more than £30bn in the last 15 years, the clear policy direction, stable regulatory frameworks and overall attractiveness of the UK are leading us to double our investments for 2024-28, reaching up to £24bn.

“This is a vote of confidence in the UK’s clear and stable policies and is a major boost to the economy and the path towards green energy security and Net Zero. The benefits of electrification in terms of energy security, industrial development, jobs and decarbonisation are shared ambitions of the UK and Iberdrola.”

Mads Nipper, CEO of Ørsted A/S said:

“The reason we are investing in the UK is that alongside the targets for clean energy, we also see the commitment to creating the policy frameworks required to deliver those targets and a government who wants to work with businesses to enable the investments required.

“The investments demonstrate further progress on the government’s clean energy mission and a major boost to the UK economy three days before the first International Investment Summit on 14 October, which will gather UK leaders, high-profile investors and businesses from across the world.”

The Investment Summit comes as the Prime Minister convenes the first Council of the Nations and Regions, delivering on a manifesto promise to rewire the way UK Government operates.

Focussed on investment and growth, the Council will see First Ministers and Deputy First Minister from the Devolved Governments come together with regional mayors to collaborate and seize opportunities to secure long-term investment and boost growth. The agenda, agreed with attendees, includes discussion on how to boost growth and inward investment across the UK, including through an industrial strategy and the Investment Summit.

The investments announced ahead of the Summit include:

• Iberdrola doubling their investment in the UK, through Scottish Power, from £12bn to £24bn over the next 4 years, which includes £4bn for the East Anglia 2 wind farm off the Suffolk coast.
• Orsted and Greenvolt confirming that the Government’s recent expanded offshore wind auction means their projects will unlock £8bn (Orsted) and £2.5bn (Greenvolt) of investment respectively in their planned offshore wind farms. Orsted says its commitment will see thousands of jobs for local people, while Greenvolt says it will create up to 2800 construction jobs.
• SeAH Wind has made an additional £225 million investment into wind technology manufacturing in Teesside, thanks to new backing from UK Export Finance, which expects to create 750 direct jobs by 2027. This brings their total investment into the site at Teesworks up to £900 million and will help them make their ongoing factory build – one of the biggest facilities of its kind worldwide – even bigger.
• Macquarie supporting investment of £1.3bn into new green infrastructure including its Island Green Power solar farm in Stow, as a result of planning consents having been granted by the Government, and its Roadchef portfolio company installing electric car ultra-fast charging points across its sites along the UK motorway network.
• BW Group proceeding with a £300m investment into a new battery energy storage project in Birmingham.
• Holtec, a major US advanced nuclear engineering company, has confirmed a significant investment of £325 million in a new factory in South Yorkshire which will supply materials for Hinkley Point C and likely Sizewell C power stations. They say this will create up to 490 direct and 280 indirect jobs annually during the construction phase and 1,200 direct engineering jobs created over 20 years.