UK National Wealth Fund Powers Up Scottish Grid Upgrades
The UK National Wealth Fund will loan £600 million to ScottishPower for upgrades to the power grid, aiding Britain's decarbonisation goals and boosting energy resilience. This funding is part of a £1.35 billion package orchestrated by Bank of America and other financial institutions.
- Country:
- United Kingdom
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 integration of renewable energy sources such as wind and solar.
The initiative will expedite ScottishPower's seven key grid projects. These include the Eastern Green Link projects, set to enhance renewable energy transmission from Scotland to England, and bolster grid infrastructure with new substations and reconfigured lines in multiple Scottish locations.
(With inputs from agencies.)
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