Iberdrola to Invest Over EUR 1 Billion in Floating Wind Farm Offshore Spain

Iberdrola is planning to invest more than EUR 1 billion to develop a 300 MW floating wind farm offshore Spain.

The study, design, and engineering of the wind farm could begin this year and the project could generate more than 2,800 jobs per year until it becomes operational in 2026, according to the Spanish energy company.

The scheme would require the participation of 66 Spanish companies and technology centres, including 52 SMEs. In the short term, the initiative could generate between 1,000 and 2,000 jobs during 2021-2022, before the start of the construction phase, Iberdrola said.

Once operational, the wind farm would become the largest operating floating wind farm in the world.

The project would spearhead the development of up to 2,000 MW of floating offshore wind projects identified by Iberdrola off the coasts of Galicia, Andalusia, and the Canary Islands.

This initiative is also said to provide an opportunity to develop the country’s supply chain and establish the Spanish industry as an international benchmark. It has been submitted to the Next Generation EU programme and is aligned with the pillars of the Spanish government’s Recovery, Transformation and Resilience Plan, Iberdrola said.

Iberdrola has one of the largest offshore wind pipelines in the market, amounting to more than 30 GW worldwide.

By 2025, Iberdrola expects to reach 60 GW of installed renewable capacity worldwide, of which 4 GW will be offshore wind.