REG - SSE Plc Scottish Hydro Elec. - SSEN Transmission-£1bn Facility backed by the NWF

SSEAnnouncement

19/12/2025 07:00

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RNS Number : 1940M  SSE PLC  19 December 2025

SSE PLC

SSEN Transmission signs £1bn Bank Facility backed by the National Wealth Fund
 

SSEN Transmission, 75% owned by the electricity infrastructure company SSE
plc, today announces a £1bn,12-year bank facility backed by an £800m
financial guarantee from the UK Government's National Wealth Fund which will
support four major grid upgrade projects under way in the north of Scotland.

 

This new bank facility has been 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.

 

The financing announced today is ringfenced as a Green Loan to support four
SSEN Transmission projects which will upgrade grid capacity, improve local
resilience and connect power from the places of generation to areas of demand
throughout the GB grid. The projects are SSEN Transmission's Skye
Reinforcement, Argyll and Kintyre 275kV Strategy, and the Orkney Connection as
well as the jointly developed venture Eastern Green Link 2 ('EGL2').

 

These projects will see Orkney connected to the transmission grid for the
first time, as well as significantly strengthening the transmission
infrastructure serving communities including Skye, Fort Augustus, Argyll and
Kintyre.

 

EGL2 HVDC subsea project is the largest ever single investment in the UK
transmission system and will play a critical role in delivering the UK and
Scottish governments' clean power and energy security targets - supporting
thousands of jobs across the country and boosting local and national
economies.

 

The National Wealth Fund's supported financing offers longer-dated lending,
better aligning with the life of grid assets and ensuring the swift
progression of these four critical upgrade projects, which have been
independently assessed as required by both the independent National Energy
System Operator (NESO) and the energy regulator, Ofgem.

 

Barry O'Regan, SSE's Chief Financial Officer, said:

"This new Bank Facility supported by the National Wealth Fund financial
guarantee provides an excellent source of funding diversification, and with a
three-year availability window helping to manage liquidity for SSEN
Transmission.

It demonstrates the importance of grid upgrades both in achieving the
country's clean power and energy security goals, and in unlocking economic
growth throughout the nations and regions of Britain."

 

Notes

About SSEN Transmission

·    Headquartered in Perth - with offices in Aberdeen, Inverness and
Glasgow - Scottish Hydro Electric Transmission plc (SHET), trading as SSEN
Transmission, is responsible for the electricity transmission network in the
north of Scotland, investing in and maintaining the high voltage 132kV, 220kV,
275kV and 400kV electricity transmission network.

·    SSEN Transmission's strategic objective is to enable the transition
to a low carbon economy, helping to secure the country's clean power and
energy security ambitions. It does this by building the electricity
transmission network infrastructure required to connect and transport
renewable electricity in the north of Scotland to the towns, villages and
cities where it's needed, as it delivers a network for net zero emissions.

·    SSEN Transmission is owned 75% by SSE plc and 25% by Ontario
Teachers' Pension Plan Board (Ontario Teachers').

·    Learn more about SSEN Transmission by visiting
www.ssen-transmission.co.uk (http://www.ssen-transmission.co.uk/)

 

 Enquiries
 Investors  SSE Investor Relations  ir@sse.com (mailto:ir@sse.com)        Michael Livingston  +44 (0)345 0760 530
 Media      SSE Media               media@sse.com (mailto:media@sse.com)  Ross Easton         +44 (0)345 0760 530

                                                                          Kevin Pringle

            MHP Group                                                     Oliver Hughes       +44 (0)7885 224 532

 

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