ScottishPower, a subsidiary of Iberdrola, has secured £600 million in financing from the UK's National Wealth Fund to develop Eastern Green Link 4 (EGL4), a 2GW HVDC subsea electricity interconnector running 530km between Fife, Scotland and Norfolk, England. This strategic infrastructure project will strengthen UK energy security by transmitting domestically produced renewable energy from Scotland to demand centers in England, with capacity to power 1.5 million homes. The financing builds on a previous £600M loan from the National Wealth Fund in May 2025 for seven priority network initiatives, and forms part of Iberdrola's £12 billion (€14 billion) capex plan through 2028 to expand UK electrification and grid infrastructure. The project aligns with the UK government's Clean Power 2030 targets and will help reduce electricity costs by decreasing reliance on imported fossil fuels. NESO estimates £58 billion will be required in Great Britain by 2035 to deliver a clean power system.