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European Investment Bank lends $720 million for Scottish power grid

Reuters - UK Focus

March 30 (Reuters) - The European Investment Bank on Wednesday will provide 500 million pounds ($719.70 million) to help tie Scotland's renewable energy schemes such as wind, wave and tidal into the power grid.

The investment, the largest of its kind in the north of Scotland for 60 years, includes a new 1,200 megawatt subsea cable between Spittal in Caithness and Blackhillock in Moray, the EIB said.

Scottish Hydro Electric Transmission Plc, a wholly-owned subsidiary of British utility SSE (LSE: SSE.L - news) , will use the funds to build the new power link in the Highlands and carry out other work, the statement said.

The cash injection will help support nearly 1.2 billion pounds of overall investment in the power transmission system by Scottish Hydro Electric Transmission, it said.

($1 = 0.6947 pounds) (Reporting by Oleg Vukmanovic in Milan; editing by Susan Thomas)