Partners Group has increased its stake in the proposed Greenlink electricity interconnector project to become a 100% shareholder in the company.
Greenlink will use a subsea high-voltage direct current (HVDC) cable system to connect the power markets of Ireland and Great Britain.
This aims to improve the security of electricity supply in both countries and reducing average electricity costs for consumers.
It will stretch approximately 190km underground and under the sea between County Wexford in Ireland and Pembrokeshire in Wales.
Partners Group is acquiring a 51% stake in Greenlink from Element Power, an independent renewable energy developer, meaning that Greenlink Interconnector Limited is now entirely owned by Partners Group on behalf of its clients.
The project is considered of critical importance in Europe and has been awarded “Project of Common Interest” status by the European Commission as well as granted funding from the EU’s Innovation and Networks Executive Agency.
Key regulatory milestones for the project have recently been achieved with the Commission for the Regulation of Utilities (CRU) in Ireland and Ofgem in the UK.
The UK licensing structure to facilitate the financing of the project is substantially in place and CRU have recently published their “minded to” view in respect of the licensing regime in Ireland.
These milestones reflect significant progress on the development path of the project since Partners Group’s first investment into Greenlink in 2019, on behalf of its clients.
Onshore and offshore planning consents have been secured for the project in Wales and Greenlink is on track to start construction before the end of the year.
Partners Group senior vice president (UK) and director of Greenlink Shreya Malik said: “Greenlink is a perfect fit for Partners Group’s investment strategy of supporting the energy transition.
“Regulatory support from both the CRU and Ofgem reflects the strategic importance of Greenlink for Irish and UK energy security and achieving both governments’ net zero ambitions in an affordable way.
“Greenlink has a strong economic case and we are excited to lead this project through a truly transformational journey from construction to operation.”
Greenlink Interconnector chief executive Nigel Beresford (pictured) added: “These positive regulatory milestones, the Cap and Floor support regime and the continuing confidence of our shareholder, Partners Group, all put Greenlink on a very solid financial footing for financial close and the start of construction later this year.”