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Greenlink has an energy capacity equivalent to powering 380,000 homes, said Partners Group.
Swiss-based private equity firm Partners Group is selling Greenlink, a 504MW subsea interconnector linking Ireland and Great Britain, to cable operator Baltic Cable AB and offshore transmission investor Equitix for more than €1bn.
Greenlink consists of two converter stations and two high-voltage subsea cables spanning 190km under the Irish Sea, connecting the UK’s National Grid’s substation in Wales to EirGrid’s Great Island substation in Co Wexford.
According Partners Group, the subsea electricity interconnector is a critical infrastructure asset with an energy capacity enough to power 380,000 homes.
The company acquired a controlling stake in Greenlink in 2019 before taking full ownership of the interconnector in 2021. It is scheduled to be completed by this year.
Baltic Cable AB has owned and operated the Baltic Cable interconnector between Sweden and Germany for more than 30 years and Equitix has been an investor in offshore transmission for more than 12 years.
According to Partners Group, Greenlink improves Ireland and the UK’s renewable energy integration, provides additional import and export capacity, and helps balance services for the two countries’ grids.
“Greenlink is a critical infrastructure asset that operates across two important themes, the energy transition and grid stability,” said Carsten Koenig, the managing director of European infrastructure at Partners Group. The company’s infrastructure business has $27bn in assets under management globally.
“[Greenlink] has clear downside protection, as well as the potential to benefit from the development of future large-scale renewable projects, which will increase the available supply between these markets,” he added.
While Padraig McManus, chair at Greenlink, said: “Taking a project of this magnitude from financing through construction to full operations requires a committed owner.
“We are pleased to see the company enter its next phase under the ownership of Baltic Cable and Equitix.”
In a 2024 filing with Ireland’s Maritime Area Regulatory Authority, Amazon revealed plans for a transatlantic subsea telecommunications cable connecting Cork to an unconfirmed location on the east coast of the US.
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