ScottishPower, through its parent company Iberdrola, has secured $800 million (£600 million) in financing from the UK’s National Wealth Fund to support the development of the Eastern Green Link 4 (EGL4) subsea power project.
EGL4 is a planned 2 GW high-voltage direct current (HVDC) interconnector designed to transport electricity from Scotland to demand centers in England, helping to reduce grid constraints and strengthen energy security.
The 530-km subsea cable will run between Fife and Norfolk and is expected to transmit enough electricity to power around 1.5 million homes.
The financing builds on a previous $800 million loan from the National Wealth Fund in 2025 supporting ScottishPower’s network investments, as the UK seeks to expand grid infrastructure to meet clean energy targets.
“By supporting nationally significant projects like Eastern Green Link 4, we are demonstrating our commitment to strengthening our national infrastructure to help ensure our energy system is fit for the future,” said Oliver Holbourn, CEO of the National Wealth Fund.
“We are pleased to be strengthening our relationship with the National Wealth Fund to deliver these critical investments. By working together to support the delivery of the Government’s Clean Power 2030 pathway, projects like EGL4 are meeting our shared goals of accelerating electrification, boosting the UK economy and delivering energy security,” added Keith Anderson, CEO of ScottishPower.
The project forms part of broader efforts to reinforce Britain’s transmission network, with the National Energy System Operator estimating that around $77.5 billion of investment will be needed by 2035 to deliver a clean power system.