finance

ScottishPower acquires 17 new solar panel projects in the UK



ScottishPower has signed two deals to acquire 17 solar panel projects in the UK, with a combined capacity of more than 800 MegaWatts (MW).

The contracts have been concluded separately with Elgin Energy, which owns 12 projects, and Lightsource BP, which controls the rest.

The projects, across England, Scotland and Wales, are in advanced stages of development and will be operational by 2025 with a total investment of approximately £500m.

The portfolio of solar sites will add enough clean energy to power over 220,000 homes.

ScottishPower has 9% of the market share of the UK’s solar industry. It will also contribute towards reaching net zero greenhouse gas emissions in Scotland in 2045 and in the UK by 2050.

As of September, Iberdrola has almost 3GW of installed solar cells worldwide, an increase of 89% compared to 2019.

Lindsay McQuade, chief executive at ScottishPower Renewables, said: “With plans to invest close to £4bn by 2025, doubling the volume of renewable electricity we produce, we are taking action every day to deliver on our commitment to deploy more renewables – at scale and at speed – to electrify how we live, work and travel.

“This addition to our portfolio will help accelerate that journey and play an important role in tackling the climate emergency.”

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