Spanish utility giant Iberdrola plans to invest €32 billion (£28.3bn) in the energy sector between 2018 and 2022 to build solid foundations for sustainable growth in the future.
The firm is still confident in the UK’s heat and electricity industry and plans to spend nearly a fifth of the aforementioned funding on British shores.
In terms of the remainder, 38% will be spent in US Dollars, 25% in Euros and 18% in Brazilian Reais.
It forecasts net profit in 2022 of up to €3.7 billion (£3.3bn), says more than 90% of this amount will be allocated to regulated activities or long-term contracts.
Around €15.5 billion (£13.7bn) will be invested in expanding, smartening and strengthening grid networks, €11.5 billion (£10.1bn) will be spent on renewables and €2.8 billion (£2.5bn) will go to generation and retail.
The remaining €1.4 billion (£1.2bn) will be allocated to contracted generation.
As a result of these investments, the business expects renewable capacity to increase by 24% from now to 36.2GW.
It says its storage capacity will grow from 80GWh to 100GWh by 2022 and predicts its contracted generation capacity will grow to 10.6GW, more than 82% above current figures.
Ignacio Galan, Chairman of Iberdrola and ScottishPower, said: “Despite recent political and regulatory uncertainty, the UK remains a core investment destination for our company.
“We will focus on increasing our renewable energy capacity, enhanced grid networks and smart technology for customers.”