SSE’s SSEN Transmission secures £1bn bank facility backed by National Wealth Fund
Investing.com -- SSEN Transmission, which is 75% owned by SSE PLC (LON:SSE), has secured a £1 billion, 12-year bank facility backed by an £800 million financial guarantee from the UK Government’s National Wealth Fund.
The green loan will support four major grid upgrade projects in the north of Scotland, including the Skye Reinforcement, Argyll and Kintyre 275kV Strategy, Orkney Connection, and the jointly developed Eastern Green Link 2 (EGL2).
The bank facility was syndicated to a group of SSEN Transmission’s relationship banks, led by Bank of America, and including BBVA, HSBC, JP Morgan, Lloyds, MUFG, NatWest and Santander.
These projects will connect Orkney to the transmission grid for the first time and strengthen transmission infrastructure serving communities including Skye, Fort Augustus, Argyll and Kintyre.
The EGL2 HVDC subsea project represents the largest ever single investment in the UK transmission system and aims to support the UK and Scottish governments’ clean power and energy security targets.
SSEN Transmission is owned 75% by SSE plc and 25% by Ontario Teachers’ Pension Plan Board. The company is responsible for the electricity transmission network in the north of Scotland, investing in and maintaining the high voltage electricity transmission network.
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