Sustainability-led infrastructure and private equity investment manager Foresight Group Holdings Limited has acquired a majority stake in the MaresConnect interconnector project.
The firm completed the acquisition through its energy transition fund Foresight Energy Infrastructure Partners (FEIP), while Etchea Energy Nominees Limited will retain the remaining shareholding.
The shareholders said they will work together to complete the development of MaresConnect through to financial close and the start of construction at the end of 2024.
“This investment represents another very exciting development for both Foresight and FEIP, which is seeking investments into infrastructure that will accelerate the energy transition,” said Richard Thompson , co-manager of FEIP and Foresight Partner,
“Given recent geopolitical events, the economic and social case for increased levels of interconnection has become even more compelling, enhancing European energy security, reducing power prices for consumers and accommodating more renewable energy on the system.”
MaresConnect is a proposed 750 MW electricity interconnector that will link the power markets of Ireland and Great Britain.
The cable route is approximately 245 kilometers long and will run underground and under the sea between Dublin in Ireland and Bodelwyddan, Denbighshire in Wales.
The project secured a grid connection at National Grid’s Bodelwyddan substation in 2018 and procurement for the onshore survey contracts is currently underway.
MaresConnect Limited will apply for cap and floor regulation in the UK under Ofgem’s third window which is scheduled to open over the summer.
The interconnector is expected to have a three-year construction program leading to operations in 2027.
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