Partners Group, acting on behalf of its clients, has agreed to sell the 504 MW Greenlink subsea electricity interconnector linking Great Britain and Ireland to Baltic Cable AB and Equitix, valuing the project at an enterprise value of over €1 billion.
Partners Group acquired a controlling stake in Greenlink in 2019 before taking full ownership in 2021, since when it led it through financial close and construction to initial commercial operations, reached on time on January 29 .
Greenlink has a nominal capacity that is equivalent to powering around 380,000 homes, and consists of two converter stations and two high-voltage cables running 190 kilometers under the Irish Sea.
The project is said to be the first privately financed interconnector in Europe supported under the Cap & Floor regulatory regimes in the UK and Ireland.
The converter stations and cables connect National Grid’s substation in Pembrokeshire, Wales, to EirGrid’s Great Island substation in County Wexford, Ireland.
Padraig McManus , Chairman of the Board, Greenlink, adds: “Taking a project of this magnitude from financing through construction to full operations requires a committed owner. Partners Group’s entrepreneurial governance model has been essential for delivering Greenlink to operations on time. We are pleased to see the Company enter its next phase under the ownership of Baltic Cable and Equitix.”
A consortium of Equitix and Kyuden Group recently signed an agreement with the joint venture between SSE Renewables, TotalEnergies and PTTEP for the purchase of offshore transmission assets of the Seagreen Phase 1 offshore wind farm in Scotland.