Spanish electricity company Iberdrola SA (IBE.MC) said Thursday it will invest GBP1.6 billion in its first offshore wind farm, which will be located on the west coast of England.

Iberdrola will develop the West of Duddon Sands offshore wind farm, on the Irish Sea , from early next year, in a joint venture with the Danish energy grupo Dong Energy A/S.

The wind farm will have a total capacity of 389 megawatts when it comes on line in 2014. Its electricity production could cover the annual consumption of 300,000 households, Iberdrola said in a press release.

Iberdrola added it expects to build power transmission lines over 14 kilometers off the English coast by 2012 in order to install wind turbines in 2013.

Iberdrola, through its subsidiary Iberdrola Renovables SA (IBR.MC), is the world's largest wind power producer.

The U.K. has some of the world's most ambitious plans to develop offshore wind parks--wanting to install 32 gigawatts of offshore wind power by 2020 with an estimated investment of GBP100 billion.

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