ScottishPower, through its parent company Iberdrola, has secured £600 million ($780 million) in financing from the UK’s National Wealth Fund to support the development of the Eastern Green Link 4 project.
The initiative involves a two gigawatt high-voltage direct current subsea link designed to transport energy from generation sites in Scotland to England.
Stretching 530 kilometres between Fife and Norfolk, the high-voltage cable is intended to transmit enough electricity to power 1.5 million UK homes. ScottishPower stated that the bidirectional infrastructure is essential to reinforce national energy security and lower electricity costs for consumers.
This transaction follows a £600 million loan issued in May 2025 to support seven priority network initiatives of the firm. The National Wealth Fund stated that it prioritised the grid as an investment area and is offering a longer tenor facility to align debt profiles with asset lifespans.
National Energy System Operator estimates that £58 billion will be required in Great Britain by 2035 to support the delivery of the power system.
Iberdrola said this funding allows it to advance its plan for distribution and transmission networks, which involves capital investments of £12 billion through 2028 in anticipation for an increase in electricity demand.
