Norton Rose Fulbright advises UK’s National Wealth Fund on £600 million facility for ScottishPower

Global law firm Norton Rose Fulbright has advised the UK’s National Wealth Fund (NWF) on a £600 million facility for ScottishPower to help upgrade Britain’s national power grid.

ScottishPower, the UK subsidiary of energy company Iberdrola, will use the funding – which forms part of a total £1.35 billion financing package - to support the delivery of seven priority transmission grid upgrade projects. The projects are designed to facilitate more renewable energy onto the system, reduce congestion costs, and ultimately lower the cost of electricity for businesses and consumers across the country.

NWF’s investment will help to finance ScottishPower’s development of the Eastern Green Link (EGL) projects 1 and 4, which aim to open up renewable energy reserves by increasing capacity to transport clean energy via interconnectors from Scotland to the North-East of England and Norfolk. The National Energy System Operator (NESO) has identified EGL1 as a crucial project for the delivery of the government’s Clean Power 2030 ambitions.

The financing will also enable grid upgrades in five strategic locations across Scotland, including new substations, overhead line reconfiguration and improvements to overhead transmission cables to increase capacity and resilience.

The Norton Rose Fulbright team advising on the deal was led by partner David Milligan and included counsel Peter Weiland, associates Sasha Norman and Natalie Lake, and paralegal David Couley.

David Milligan said:

“We are pleased to have advised the National Wealth Fund on this significant transaction for ScottishPower. This collaboration marks a pivotal step towards enhancing the UK's energy infrastructure and supporting the transition to a more sustainable and resilient grid.

"The investment underscores our client’s commitment to driving innovation and sustainability in the energy sector. We are proud to have played a role in facilitating this landmark deal, which will not only bolster the UK's grid capabilities but also contribute to the broader goal of achieving net-zero emissions."

With more than 800 lawyers situated in the world’s financial centres, Norton Rose Fulbright’s global banking and finance team has one of the longest histories of any law firm in the field, advising major banks, finance providers, export credit agencies, corporate and sovereign entities, and other participants in the global banking and finance arena.