By Pierre Bertrand

Iberdrola company ScottishPower has opened up tenders for contracts valued at nearly $7 billion for electricity network projects.

ScottishPower's grid business, SP Energy Networks, is encouraging companies to bid for contracts to design, develop and upgrade new and existing transmission infrastructure, the company said in a statement Monday.

The company said the contracts are valued at 5.4 billion pounds ($6.89 billion) for projects that will include new high-voltage substations, overhead line construction, as well as design, engineering, construction and electrical works.

"We're kickstarting the largest overhaul of the grid since its inception. Our investment plans will help grow our electricity networks, grow our workforce and will provide a massive opportunity for the supply chain whilst unlocking growth for the wider economy," ScottishPower Chief Executive Keith Anderson said.

The contracts will have a duration of five years with the option to extend for a further five, and include projects across central and southern Scotland, a ScottishPower spokeswoman said.

Write to Pierre Bertrand at pierre.bertrand@wsj.com

(END) Dow Jones Newswires

January 15, 2024 11:53 ET (16:53 GMT)

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