UK, Scotland: ScottishPower, through its parent Iberdrola, has secured $800 M (£600 M) from the National Wealth Fund to support the Eastern Green Link 4 (EGL4) project, a strategic subsea power link that will strengthen the UK’s energy security and help meet clean energy targets.

EGL4 is a 2 GW HVDC interconnector spanning 530 km from Fife to Norfolk. The link will transmit domestically-generated electricity from Scotland to England, enough to power around 1.5 million homes, while reducing dependence on imported fossil fuels and lowering constraint costs.

This funding builds on a previous $800 M (£600 M) National Wealth Fund loan in May 2025 supporting ScottishPower’s priority network projects, reflecting a strong public-private partnership aimed at accelerating the clean energy transition. The Fund’s long-term, flexible financing aligns with the lifespan of grid assets and helps widen capital availability for essential infrastructure.

ScottishPower plans $16 B (£12 B) of UK transmission and distribution investments through 2028 to expand electrification and meet rising demand. EGL4 and similar projects are expected to create jobs, particularly doubling transmission roles in central and southern Scotland.

Government and company leaders highlighted the project’s strategic importance. Chancellor Rachel Reeves emphasised its role in energy security and reducing bills, while Energy Minister Michael Shanks noted the benefits of low-cost domestic energy. ScottishPower CEO Keith Anderson stressed alignment with the UK Clean Power 2030 pathway, and National Wealth Fund CEO Oliver Holbourn highlighted the accelerated delivery of critical grid upgrades.

EGL4 marks a major step towards a resilient, low-carbon UK electricity system and underscores the growing collaboration between government-backed finance and industry expertise.

Source: Energy Global

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