ScottishPower wins £600 million financing for UK subsea power link

• 14 hours ago (2026-03-26)
• David Flin

Europe 1164 Transmission 235

---

ScottishPower has won financing of £600 million from the UK’s National Wealth Fund to support development of the Eastern Green Link 4 (EGL4), a 2 GW HVDC cable between Fife in Scotland and Norfolk in England.

EGL4 will be approximately 530 km long. It will enable renewable energy generated in Scotland to be efficiently transported to demand centres in England, and will reduce both grid congestion and constraint costs, where excess energy is unused.

Rachel Reeves, UK’s Chancellor, said that the deal demonstrates the role of the fund in supporting strategic national infrastructure. She said: “This is exactly why we created the National Wealth Fund, to put the full power of government behind strategic investment that secures Britain’s future.”

The project forms part of a broader expansion of electricity networks required to meet the UK’s clean energy ambitions. According to the National Energy System Operator , around £58 billion of investment will be needed across the UK by 2035 to support a fully decarbonised power system.