Jason Ford

National Grid reveals EIB infrastructure loan and South-East homes partnership

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National Grid is to use a £1.5bn loan from the European Investment Bank to protect facilities and update infrastructure across its national electricity transmission network.

The new support - for connecting new power generation, upgrading ageing assets and improving network resilience to climate and security risks - represents the largest ever single loan made by EIB.

The new long-term loan will include capital investment by National Grid to reinforce infrastructure between the Wirral in North West England and Scotland, and the London Power Tunnels.

In a statement, Jonathan Taylor, EIB vice president 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.’

Malcolm Cooper, global tax and treasury director at National Grid added that loan will be used to fund infrastructure investment and ‘build an electricity network for the future’.

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