Iberdrola Plans Investment Spree for Spanish Floating Offshore Industry

Iberdrola is planning what will be the first industrial scale floating offshore wind farm in Spain, to which it would allocate more than €1 billion of investment to commission 300 MW of clean energy off the Spanish coast.

The floating offshore wind project represents an opportunity to develop the country's supply chain and establish Spain as an international benchmark for the upcoming industry. The project 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.

Study, design and engineering of the project could begin this year and generate more than 2,800 jobs per year until it becomes operational in 2026. 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.. Hundreds of small and medium-sized enterprises in Spain would be involved in the projects, which could boost the competitiveness of Spanish industry in the short, medium and long term.

The project would also contribute to the fight against climate change, with 202,500 tonnes of carbon emissions saved per year.

The Spanish coast is suited for the development of up to 2,000 MW of floating offshore wind projects off the coasts of Galicia, Andalusia and the Canary Islands, Iberdrola says.