Iberdrola, the owner of ScottishPower, has unveiled a major €58 billion strategic investment plan running up to 2028, with the UK identified as its top destination for capital investment globally.

The plan, launched in London today, will heavily prioritise electricity grids to usher in a "new era" of electrification and deliver the most significant rewiring of Britain since the original network was established.

Iberdrola will focus its spending on countries with clear, attractive regulatory and policy frameworks, making the UK a primary beneficiary. Over 65% of the total investment will be directed towards the UK and the US, regions which Executive Chairman Ignacio Galan stated provide clear growth pathways and stable policy frameworks.

Within the global strategy, two-thirds of the total investment—approximately €38.7bn—will be dedicated to transmission and distribution networks, predominantly in the UK and the US.

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Mr Galan asserted that Iberdrola is uniquely positioned to lead this transition: "We are in a new era for electrification. We are the only company in the world that can deliver this opportunity due to our size and scale. During this period, we will add more than 15,000 people to our workforce, make purchases of more than €65bn to thousands of suppliers –supporting 500,000 jobs–, our tax contribution will exceed €40bn, and we will invest €1.6bn in R&D&I, while also achieving carbon neutrality by 2030."

ScottishPower CEO Keith Anderson confirmed the UK's specific role in the investment, announcing a dedicated £24 billion UK plan to 2028, describing it as transformative for the country.

Mr Anderson said: "The scale of today's announcement cannot be underestimated, we're investing record sums to deliver the grid that will stand for the next century. The UK has always been an important investment destination for Iberdrola, but now it's in pole position to benefit further. With UK energy demand expected to increase in the next decade, we need a grid that can match that. Together with the UK's clear energy ambitions and policy frameworks we see a country perfectly positioned to take advantage of a capital investment programme that will unlock growth, boost supply chains and deliver a lasting benefit for decades to come."

The £24bn commitment from ScottishPower through to 2028 will focus on building out the transmission grid across central and southern Scotland, as well as developing electricity distribution grids in central and southern Scotland, north west England, and north Wales. The company is also progressing two of the world’s largest offshore wind farms off the coast of East Anglia, which together will deliver 2.3 GW of clean power for Britain.