Dec 19 (Reuters) - SSEN Transmission, majority owned by SSE Plc, has secured a 1 billion pound ($1.34 billion) 12-year bank facility, which would support major grid upgrade projects in Scotland, the
SSE Transmission Secures $1.34B for Scotland Grid Upgrades
By Susanna Twidale
LODNON, Dec 19 (Reuters) - SSEN Transmission, majority owned by SSE Plc, has secured a 1 billion pound ($1.34 billion) 12-year bank facility, to support major grid upgrade projects in Scotland, the power firm said on Friday.
Britain has a target to largely decarbonise its power sector by 2030, which will require many more renewable power plants, including wind and solar, and a huge increase in grid infrastructure to accommodate them.
The projects being backed include connecting Orkney to the transmission grid for the first time and the Eastern Green Link from Peterhead in Scotland to Drax in Yorkshire, England, which will help transport renewable power across Britain.
The facility is backed by an 800 million pound financial guarantee from the UK government's National Wealth Fund.
"This backing from the National Wealth Fund will help deliver the infrastructure upgrades needed to capitalise on Scotland’s renewable energy production and help strengthen the energy security of the whole UK," British finance minister Rachel Reeves said in a separate statement from the NWF.
SSEN Transmission is 75% owned by power firm SSE and 25% owned by Ontario Teachers' Pension Plan Board.
Britain's National Wealth Fund was set up in 2024 to help spur growth and invest in clean energy projects.
($1 = 0.7475 pounds)
(Reporting by Susanna Twidale in London and Nithyashree R B in Bengaluru; Editing by Rashmi Aich and Joe Bavier)
