The European Investment Bank is to provide £500m to help build new transmission links to wind, wave and tidal energy schemes in the north of Scotland.
The EIB funding – a year long-term loan – will support nearly £1.2bn of investment in the transmission network in the region by Scottish Hydro Electric Transmission.
The first part of the loan – £300m – was signed this week and the remainder is expected to be signed next year as the project progresses.
The new links include a new 1200MW subsea cable between Spittal in Caithness and Blackhillock in Moray.
The subsea cable and associated onshore infrastructure works are expected to support 600 jobs during the construction phase.
Scottish Hydro Electric Transmission director David Gardner said: “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.”
Image: National Grid
Europe backs Scottish links
EIB loans £500m to help connect renewable schemes in north of country
By EBS