ScottishPower leads $790 M UK grid upgrade
The UK’s National Wealth Fund joins ScottishPower to finance critical transmission projects, aiming to modernise the grid and accelerate the clean power transition.
Image for illustrative purposes
The UK: The UK’s National Wealth Fund (NWF) has committed $790 M (£600 M) to support grid infrastructure upgrades by ScottishPower, a subsidiary of Iberdrola. The financing is part of a larger $1.78 B (£1.35 B) package arranged by Bank of America and joined by several international banks.
This investment will help deliver seven key grid transmission projects across the UK, enabling the system to accommodate more renewable energy, reduce electricity constraint costs, and increase capacity and reliability. These upgrades are essential to meeting the Government’s Clean Power 2030 Action Plan.
Energy Secretary Ed Miliband said the move will “speed up grid upgrades, bringing cheaper, homegrown renewable power into homes and businesses.”
One critical project backed by NWF is the Eastern Green Link (EGL), which aims to connect Scotland’s renewable energy to high-demand regions in England. According to the National Energy System Operator, EGL1 is vital to resolving grid congestion and lowering electricity costs.
The investment also includes enhancements at five other sites in Scotland, involving substation construction, overhead line upgrades, and increased grid resilience.
Chancellor Rachel Reeves called the investment “good news for businesses, households, and the economy,” aligning with the UK’s broader energy goals.
John Flint, CEO of NWF, emphasised that upgrading the grid is “one of the most significant barriers to decarbonising our economy” and requires large-scale, long-term financing to meet clean energy targets.
Source: Scottish Power
#clean energy#Ed Miliband#electricity network#infrastructure investment#John Flint#National Wealth Fund#Rachel Reeves#renewable power#ScottishPower#transmission upgrades#UK grid