Scottish Power has become the first integrated energy business in the U.K. to move away from coal and gas generation to wind power, the company said Tuesday.



The announcement comes after the firm, part of the Iberdrola Group, said it had sold its "traditional generation business" to Drax Smart Generation, a subsidiary of the Drax Group, for £702 million ($926.3 million).



Over the last 10 years, Scottish Power has closed all its coal plants. The sale of its remaining gas and hydro stations means that it now produces 100 percent of its electricity from wind power.



As of now, Scottish Power has 2,700 MW of wind power capacity operating or under construction in the U.K. The business is investing £5.2 billion up to 2022, focusing on renewable energy, enhanced grid networks and smart technology for its customers.



"This is a pivotal shift for Scottish Power as we realize a long-term ambition," the company's chief executive, Keith Anderson, said in a statement Tuesday.



"We are leaving carbon generation behind for a renewable future powered by cheaper green energy," Anderson added. "We have closed coal, sold gas and built enough wind to power 1.2 million homes."



The news was welcomed by environmental groups. "This is a hugely welcome move from Scottish Power and another clear signal that the clean energy transition is accelerating," Sam Gardner, acting director at WWF Scotland, said in a statement Tuesday.



"Too often people talk about renewables being the future but this just shows how critical a role they already play in the here and now - cutting emissions, creating jobs and keeping our lights on."