National Grid has secured a £1.5bn in loan from the European Investment Bank (EIB) to fund electricity infrastructure projects throughout the UK.
The loan amount will be used in the electricity grid and to connect more renewables.
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It will be used to upgrade Britain’s power grid, improve networks and connect new power generation.
The loan will also see National Grid enhancing infrastructure between the Wirral, Scotland and the London Power Tunnels.
National Grid Global Tax and Treasury director Malcolm Cooper said: "The significant European Investment Bank loan will be used to fund infrastructure investment and build an electricity network for the future."
Work under the programme also includes enhancements to protect critical infrastructure from floods.
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By GlobalDataThe project will offer substation capacity required for new connections to offshore wind farms and new interconnectors to continental Europe.
EIB vice president Jonathan Taylor said: "Investment in the UK electricity transmission network is essential to prepare for future demand, connect new sources of renewable energy and upgrade old facilities.
"This agreement, the largest ever single loan to be provided by the European Investment Bank, reflects both the scale of energy investment needed and National Grid’s own experience in implementing such a diverse capital investment programme."
EIB has provided £5.7bn for investment since 2009 in energy infrastructure, including electricity distribution, offshore transmission links, energy efficiency, interconnectors to the continent and wind farms like London Array and West of Duddon Sands.
Image: Sir Edward Lister’s (Chief of Staff and Deputy Mayor, Policy and Planning, GLA – Greater London Authority) visit to London Power Tunnels. Photo: Courtesy of The European Investment Bank.
