UK National Wealth Fund Allocates £600 Million for ScottishPower Grid Upgrades

Britain's National Wealth Fund is lending £600 million to ScottishPower to accelerate upgrades to the UK power grid, supporting the integration of renewable energy sources such as wind and solar. The investment will fund seven priority grid projects, notably the Eastern Green Link projects, which aim to boost transmission capacity between Scotland and England and accommodate increased renewable generation. These upgrades are seen as critical for Britain’s goal to largely decarbonise its power sector by 2030 and follow recent European blackouts that underscored the need for infrastructure improvements. The funding will also support the creation of new substations and the reconfiguration of overhead lines, enhancing grid capacity and resilience. This initiative forms part of a broader £1.35 billion financing package involving several major banks. Officials and industry leaders highlight that such investments are essential for economic growth, job creation, and meeting clean energy targets.