National Wealth Fund Secures £600M Financing with Norton Rose Fulbright’s Guidance

Global law firm Norton Rose Fulbright advised the UK’s National Wealth Fund on a £600m financing. The funding was provided to ScottishPower through its parent, Iberdrola. Norton Rose Fulbright offered legal guidance throughout the transaction.

Project overview

The financing supports the Eastern Green Link, known as EGL4. EGL4 is a 2 GW high-voltage direct current subsea link.

The cable will run roughly 530 km between Fife and Norfolk. It aims to transport domestically generated electricity from Scotland to England.

Capacity and benefits

The interconnector is expected to transmit enough power for about 1.5 million UK homes. It will help lower grid constraint costs by moving generation to areas of demand.

The investment also underpins Iberdrola Group’s plans to expand and upgrade UK transmission and distribution networks. That work supports long-term grid resilience and capacity.

Advisors and legal team

Norton Rose Fulbright’s London team led the mandate. Partner David Milligan acted as lead adviser on the deal.

The team included Counsel Peter Weiland and Associate Aysha Ahmed. UK tax advice was provided by Partner Julia Lloyd and trainee Roly Peel.

Firm capabilities and context

Norton Rose Fulbright has more than 800 lawyers in global financial centres. Its banking and finance team has a long track record in energy and infrastructure financing.

The firm previously advised the National Wealth Fund on another £600m facility for ScottishPower. This repeat mandate reinforces ongoing lender confidence in the borrower.

Market significance

The £600m financing is a sizable commitment to UK electricity infrastructure. It demonstrates investor support for large-scale subsea interconnection projects.

Projects like EGL4 are central to balancing renewable generation and demand across regions. They will play a key role in the UK’s energy transition.

Filmogaz.com will monitor further developments on EGL4 and related financing. More updates will follow as the project progresses.