MADRID, Nov 27 Reuters Spanish renewable energy giant Iberdrola said on Monday it would invest nearly 14 billion euros 15 billion in Britain through 2028 in grids and renewable projects.

The plan is in line with the company39;s broader investment strategy, which has seen a growing focus on networks, whose returns tend to be predictable, and a more selective approach to renewable projects, favouring those yielding higher returns.

It adds some 8 billion euros to the investment Iberdrola had already pledged in Britain for the period between 2023 and 2025.

Some of Europe39;s energy giants have turned more cautious on renewables, as the sector faces high interest rates and rising debt costs.

Additional investment in grids are necessary to strengthen the system given the increased role played by intermittent electricity production from renewables.

Italian energy group Enel has adopted a similar script, with a new investment plan that will focus on power grids while being more cautious on renewable energy projects.

Iberdrola said transport and distribution networks would get roughly twothirds of the planned investment, including more than 3 billion euros for a subsea cable able to transport enough renewable energy to power two million households.

The construction of the cable, Eastern Green Link 1 EGL1, will start early next year.

The Spanish firm also pledged to invest in solar and wind projects, including the offshore wind project off Britain39;s eastern coast known as…