What is being hailed as the largest investment in the electricity network
in the north of Scotland for 60 years, is being backed by a £500m loan from
the European Investment Bank (EIB).
It provides a crucial element in the near £1.2billion development by
Scottish Hydro Electric Transmission, a wholly-owned subsidiary of SSE.
Included is a new 1200 megawatt subsea cable between Spittal in Caithness
and Blackhillock in Moray.
It will improve connections between wind, wave and tidal renewable energy
schemes in the north and the national power network.
The laying of the subsea cable and associated onshore infrastructure works
are expected to support 600 jobs during the construction phase
The new power link will help secure the supply of electricity in the
Highlands and beyond for generations to come. Once operational the new
transmission link will supply equivalent electricity to meet the needs of
around two million Scottish residents, according to SSE.
The first part of the loan totalling £300m was signed this week and the
remainder is expected to be signed next year as the project progresses.
David Gardner, Director of Scottish Hydro Electric Transmission.
“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.”
Jonathan Taylor, European Investment Bank Vice President.
“Investment in energy infrastructure across the UK is essential to harness
the full potential of new and future renewable energy schemes. ”
The bank was happy to support the investment that would ensure “more
efficient transmission of green energy, enable increased use of renewable
power in Scotland and secure energy supply to the Highlands and Scotland’s
cities, he said.
The EIB is the long-term lending institution of the European Union owned by
its Member States. It makes long-term finance available for “sound
investment in order to contribute towards EU policy goals.”
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