Iberdrola has announced that it is to invest €4.8bn (£3.9bn) in the UK over the next two years.
Two-thirds of the investment will be made in Scotland, primarily to develop wind farms, smart grids and carbon capture. A prerequisite for the latter requires Iberdrola’s ScottishPower subsidiary to win a government competition to build a carbon capture and storage (CCS) facility.
Dr Richard Dixon, director of WWF Scotland, said: ‘This is a massive vote of confidence in the tremendous potential for green energy development in Scotland.
‘Strong government targets, existing energy sector expertise and Scotland’s natural advantages in wind and wave power have combined to attract this investment, which will generate jobs and help us develop an export industry in green technology and green power.
‘Scotland needs to build on this investment and increase our targets for renewable energy if we are to stay a world leader in this field.’
Scotland’s first minister Alex Salmond also announced that Spanish renewable energy company Gamesa is to send a delegation to Scotland later in September to explore opportunities for investment.