ScottishPower has announced it is to invest a record £2 billion in clean energy investment across the UK, supporting up to 300 new jobs.
The commitment, which represents the energy provider’s biggest investment in the country in a single year, follows the sale of ScottishPower’s thermal generation business and transition to 100 per cent renewable energy during 2018.
The new clean energy investment plan is expected to create 300 jobs with the firm this year.
Between 2018 and 2022 the business has pledged to spend £6bn in the UK, with 40 per cent earmarked for new renewable energy generation, while 42 per cent is to be spent on enhanced networks and 15 per cent on “innovative services and products” for its customers.
Chief executive Keith Anderson said: “Our first investment plan since leaving coal and gas behind is a historic milestone for ScottishPower and is a vote of confidence in the UK’s commitment to decarbonising the economy.”
The company announced plans for a 50 megawatt battery storage project at Whitelee in East Renfrewshire, the UK’s largest onshore wind farm, and will develop a one gigawatt pipeline of onshore wind projects by 2025.
The business said it sees “substantial opportunities for the continued development of onshore wind projects across Scotland and other areas of the UK”.
It also intends to install a new public electric charging service based within the company’s retail division and will install fast chargers across the UK at strategic commercial locations from this winter.
Anderson added: “In a time of uncertainty the UK needs to deliver its Industrial and Energy strategy and that’s what we’re providing with our biggest ever investment in a single year.
“Now that we have sold our gas power stations our growth plans are about cleaner and smarter power that will help the UK to decarbonise faster and we have set out the part we will play in the transition to electrify the economy where it matters most now – in transport and in heating.”
The news comes the week after the energy giant reveal annual profits in its supply arm nearly trebled after it stemmed the loss of customers to smaller rivals.