SSE's Transmission arm secures £1.34 billion UK-backed facility to Scotland power grid

SSEN Transmission, which is majority owned by SSE Plc has secured a?1 billion pound ($1.34billion)?12 year?bank facility to support major grid upgrades in Scotland, said the power company on Friday.

The UK has set a goal to decarbonise the power sector largely by 2030. This will require "many more renewable energy plants, such as wind and solar," and a "huge increase" in grid infrastructure.

The projects that are being supported include connecting Orkney for the first ever to the transmission grid and the Eastern Green Link, which will connect Peterhead, Scotland, to Drax, Yorkshire, England.

The National Wealth Fund of the UK Government has provided a financial guarantee worth 800 million pounds to support this facility.

The National Wealth Fund's support will enable Scotland to take advantage of its renewable energy and strengthen the energy security for the entire UK, said British Finance Minister Rachel Reeves in a statement released by the NWF.

SSEN Transmission is owned 75% by the power firm SSE, and 25% by Ontario Teachers' Pension Plan Board.

The National Wealth Fund of Britain was established in 2024, to invest and spur on growth.

(source: Reuters)