Work on one of the biggest offshore wind farms in the world is set to begin off Suffolk after final funding for the project was secured.

The East Anglia ONE development off the coast of Lowestoft will generate 714 megawatts, enough to power 500,000 homes or the majority of households in Norfolk and Suffolk, ScottishPower Renewables said.

Announcing the firm’s final investment in the project, developer ScottishPower Renewables said the £2.5 billion scheme would generate 3,000 jobs during construction. At least 50% of the total budget would be spent in the UK.

Project director Charlie Jordan said: “East Anglia ONE will deliver substantial environmental benefits for the UK, it will stimulate considerable UK investment, and it will support thousands of jobs.

“Offshore wind has proven itself as a technology that works, and the more offshore wind capacity we have in the UK, the more secure our energy supplies will be.

“East Anglia has some of the best conditions anywhere in the world for the development of offshore wind, and we are fully committed to the region, with future developments already in the pipeline.”

Construction of the 102 turbines about 26 miles off the coast is due to begin next year.

The company aims for the wind farm to be fully operational by 2020.

East Anglia ONE is the first of four wind farms ScottishPower Renewables plans off the east coast.