Britain’s National Grid has announced a rights issue ― the UK’s largest since 2009 ― to support a £60 billion investment in energy networks.

The investment is in line with the UK’s target to decarbonise its power sector by 2035. Over the five years to the end of March 2029, it will fund the addition of numerous renewable power plants to the electricity grid, nearly doubling the company’s investment over the past five years, and creating more than 60,000 jobs.

As part of the shift in focus to its networks business, National Grid will sell its Grain liquefied natural gas terminal and its U.S. onshore renewables business.