EIB loans £500m for electricity transmission network in Scottish highlands

The European Investment Bank has agreed to provide £500m to support a major reinforcement of the electricity transmission network in the north of Scotland to improve connections between wind, wave and tidal renewable energy schemes and the national power network. The new power link will help secure the supply of electricity in the Highlands and the rest of Scotland.

The new investment includes a new 1200 megawatt subsea cable between Spittal in Caithness and Blackhillock in Moray. The long-term loan will support nearly £1.2bn of investment in the electricity transmission network in the north of Scotland by Scottish Hydro Electric Transmission plc, a wholly-owned subsidiary of SSE plc. 

“This project represents the largest investment in electricity network in the north of Scotland since the hydro development era of the 1950s and we are proud to be an integral part of it; delivering value for money while reinforcing the network, allowing for the connection of new generation and providing a more resilient power supply to those who live and work in the area.” said David Gardner, director of Scottish Hydro Electric Transmission.

 

“Investment in energy infrastructure across the UK is essential to harness the full potential of new and future renewable energy schemes. The European Investment Bank is pleased to provide £500m to support essential investment by Scottish Hydro Electric Transmission plc that will ensure more efficient transmission of green energy, enable increased use of renewable power in Scotland and secure energy supply to the Highlands and Scotland’s cities.” said Jonathan Taylor, the European Investment Bank’s vice president.

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