US EditionUK National Wealth Fund Powers Up Scottish Grid Upgrades
- ScottishPower will receive a £1.35 billion loan, provided by the UK’s National Wealth Fund along with multiple financial institutions, to enhance the power grid connecting Scotland and England in 2025.
- The loan addresses the issue of curtailment, where large amounts of Scottish wind power are wasted yearly due to grid capacity limits carrying electricity south of the border.
- The financing will support projects like the Eastern Green Link, which transmits renewable power offshore via the North Sea from sites in Scotland to substations in England.
- Curtailment cost about £1.23 billion last year, funded through energy bills, while £600 million of the loan comes from the publicly-owned National Wealth Fund alongside banks led by Bank of America.
- Officials say this investment will accelerate grid upgrades, increase renewable energy access, lower costs for consumers, and support jobs while helping meet the UK’s 2030 clean power goals.
15 Articles
15 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.
National Wealth Fund backs ScottishPower to boost UK grid upgrades
The National Wealth Fund (NWF) has announced a £600m commitment to help Iberdrola and ScottishPower upgrade the British electricity grid – supporting hundreds of jobs and helping to pave the way for a new era of clean electricity. The investment forms part of a £1.35bn financing package, led by Bank of America as Sole Debt Arranger and including Bank of America, BankInter, BNP Paribas, Caixabank, Lloyds Bank, NatWest and Banco Sabadell as lender…
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
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