Private markets investor Partners Group has acquired a stake in the 500MW Greenlink interconnector project for an undisclosed amount.
Greenlink’s developer Element Power and its owner Hudson Sustainable Investments will retain the remaining shareholding.
The investors intend to complete the development of Greenlink through to anticipated financial close and the start of construction in the second half of 2020. The interconnector is expected to be commissioned in 2023.
The 205km Greenlink interconnector will link the power markets of Ireland and Great Britain.
Partners Group European private infrastructure team managing director Esther Peiner said: “With the build-out of renewable energy generation in both countries, particularly the growth of offshore wind, infrastructure like Greenlink is essential to facilitate the low carbon economy as it will allow surplus renewable power to be exported between the two countries.”
Subsea surveys for the project began in mid-2018 and procurement for the major construction contracts is under way.
Both the Irish and UK regulators have determined Greenlink is in the public interest and that it can operate under a cap and floor regime.
Last month the project was awarded EU funding of £3.6m.