The contract for the East Anglia One project, including a five-year service agreement, will be worth up to one-third of the overall £2.5 billion project investment. It comes on the same day that the Low Carbon Contracts Company confirmed that Contract for Difference (CfD) milestones for the project have been fulfilled.
Scottish Power Renewables chief executive Keith Anderson said: “Scottish Power remains on track to invest over £1.3 billion in the UK this year, in line with our five-year plan to invest over £6.3 billion.
“We have concluded Europe’s largest project-specific wind turbine agreement just a month after taking our final investment decision, and we have scaled the final hurdle by satisfying our CfD conditions with the Low Carbon Contracts Company. It is now full steam ahead for East Anglia One, with ground set to be broken early next year.”
The East Anglia One project will consist of 102 turbines of 7MW capacity each. The project will be delivered at a price of £119/MWh – a 20 per cent cost reduction compared to other offshore wind farms in the UK.
Iberdrola currently has around 5,000MW under construction in onshore and offshore wind farms and generation power plants with long-term contracts. In February, the group reported pre-tax profits for 2015 up 4.1 per cent to €2.4 billion.