ScottishPower Secures £600M Financing for Eastern Green Link 4 Subsea Power Project

ScottishPower, through Iberdrola, has obtained £600 million from the UK's National Wealth Fund for the Eastern Green Link 4 (EGL4) project. The 2 GW HVDC subsea cable will connect Fife, Scotland, to Norfolk, England, transmitting electricity to power approximately 1.5 million homes. This financing builds on a previous £600 million loan to support ScottishPower's network initiatives and aims to enhance the UK's energy security and reduce electricity costs.

Published Mar 26, 2026

ScottishPower has secured £600 million from the UK's National Wealth Fund to develop the Eastern Green Link 4 (EGL4), a 2 GW HVDC subsea power link between Fife and Norfolk. The 530 km cable will enable the transmission of electricity sufficient to power around 1.5 million homes, aiming to alleviate grid constraints and bolster energy security.

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This financing follows a prior £600 million loan in May 2025 for various network initiatives. The investment aligns with the National Wealth Fund's strategy to enhance the grid infrastructure, contributing to an estimated £58 billion needed by 2035 for clean energy delivery in Great Britain.