Multinational utility company Iberdrola has announced plans to increase its UK energy investments to an incredible £24 billion from 2024 to 2028.

The energy giant published a press release on Friday morning highlighted how they are establishing a new plan aimed at accelerating and giving greater weight to their UK investment for the 2024-2028 period.

This takes Iberdrola’s inital plan to invest £12 billion over this timeframe to an estimated £24 billion.

The Spanish energy giant highlighted the prospect of a high level of power demand growth from Britain and green government policies for its decision.

These policies include government efforts to promote the transition to a carbon net zero UK, electrification and industrialisation.

Iberdrola has already invested £30 billion in ScottishPower over a fifteen year period. The company’s press release cited the clarity and stability of UK government policies as among the reasons for this investment.

The announcement to double its 2024-2028 UK investments have taken place just days before Monday’s International Investment Summit in London.

This coincides with new government efforts to promote renewable energy technologies while a July survey suggests that renewable energy investment more broadly is set to surge in the coming years.