£500m backing for Caithness Moray power link project
600 jobs set to be supported in the construction of new transmission link
The European Investment Bank (EIB) is to provide a £500m loan to support the construction of a major new power link for Caithness.
The new transmission link, being built by Scottish Hydro Electric (SHE) Transmission, could add up to 1.2 gigawatts of new renewable energy capacity to the grid, with SHE investing more than £1.1bn in the project, due for completion in 2018.
The project includes a hundred mile-long subsea cable between Spittal in the north and Blackhillock in Moray.
According to the EIB, the new link is expected to have the capacity to meet the needs of around two million Scottish residents.
The laying of the subsea cable and the onshore infrastructure works are expected to support 600 jobs during construction.
SHE Transmission director David Gardner said: “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.”