US EditionUK National Wealth Fund Powers Up Scottish Grid Upgrades
- The UK’s sovereign investment fund, together with multiple financial institutions, is providing ScottishPower with a £1.35 billion loan to enhance the electricity network linking Scotland and England.
- This funding supports the Eastern Green Link projects that address wasted wind power caused by grid capacity limits forcing curtailment.
- The loan covers new substations, overhead cables, and offshore projects to carry Scottish wind electricity through the North Sea to England.
- Curtailment cost about £1.23 billion last year, added to energy bills, while the National Wealth Fund provides £600 million and banks including Bank of America join.
- The financing will speed grid upgrades, support jobs, reduce costs, and aid the UK’s goal for clean power by 2030, as stated by government and industry leaders.
14 Articles
14 Articles
Iberdrola signs green mega-loans for 1.6 billion to accelerate electricity grids in the UK
Scottish Power, the British subsidiary of Iberdrola, has signed a green mega-loan of €1.6 billion granted by the United Kingdom Development Bank, National Wealth Fund, and a total of seven commercial banks - CaixaBank, Natwest, Lloyds, Bank of America, BNP Paribas, Sabadell and Bankinter - whose funds will be used to advance the upgrading of electricity networks in the United Kingdom.In particular, the financing has two tranches, one signed with…
UK National Wealth Fund Powers Up Scottish Grid Upgrades
UK National Wealth Fund Powers Up Scottish Grid Upgrades The UK National Wealth Fund has announced a significant financial intervention, lending £600 million to ScottishPower. This funding aims to modernize the country's power grid infrastructure.This move is crucial following recent blackouts in Spain and Portugal, and aligns with Britain's ambitions to decarbonise its power sector by 2030. The National Wealth Fund's investment supports grid in…
Evening Standard
perspectivemedia.comUK’s National Wealth Fund seals £1.35bn loan to build North Sea power cables
Energy firm ScottishPower is building offshore cables to carry wind power from Scotland to England, in a move ministers say will bring down bills.
ScottishPower secures £600m for transmission grid projects
Image courtesy ScottishPower ScottishPower has secured £600 million ($801.2 million) in financing from the National Wealth Fund (NWF), the UK’s sovereign wealth fund, for projects that will help upgrade the British power grid. The Iberdrola-owned utility says the financing will support the delivery of seven priority transmission grid upgrade projects to help facilitate more renewable
£1.35 Billion Financing Fuels UK Grid Upgrades to Unlock Clean Energy and Meet 2030 Targets
The National Wealth Fund (NWF) has committed £600 million to support Iberdrola and ScottishPower in upgrading the UK electricity grid, a move set to create hundreds of jobs and accelerate […] The post £1.35 Billion Financing Fuels UK Grid Upgrades to Unlock Clean Energy and Meet 2030 Targets appeared first on SolarQuarter.
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