ScottishPower has landed £1.35bn in funding to help tackle one of the UK’s biggest renewable energy challenges: getting clean electricity from where it’s generated to where it’s needed.
Right now, a lack of grid capacity means large volumes of wind power produced in Scotland are being wasted. This new investment will fund seven major grid upgrades, including subsea cables and new substations, to help move that energy south to homes and businesses in England.
The funding package, led by the Bank of America and supported by major institutions including BNP Paribas, Caixabank, Lloyds, NatWest, BankInter and Banco Sabadell, also includes £600m from the UK’s National Wealth Fund. The government-backed fund was launched to accelerate investment in critical infrastructure that supports energy security, industrial growth, and net zero delivery.
It’s estimated that up to £60b is needed by 2030 to create a grid capable of delivering a fully decarbonised electricity system. ScottishPower’s parent company, Iberdrola, has committed £24bn in UK investment by 2028, focused on both renewable capacity and grid resilience.
ScottishPower’s chief executive Keith Anderson said, “Working together to drive forward these critical investments is an important catalyst for economic growth, as we make progress in bringing more renewables onto the system to meet the increasing demand for electrification.”
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