Partners Group has provided equity financing for the 500MW Greenlink Interconnector, the subsea connection set to be built between Ireland and Great Britain.
Greenlink has so far been developed by Element Power, which, together with funds managed by Hudson Sustainable Investments, is the other major shareholder in the project.
“Greenlink Interconnector is a key electricity infrastructure project for Ireland and Great Britain,” said Esther Peiner , Managing Director at Private Infrastructure Europe, Partners Group.
“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. Once completed, this interconnector will not only benefit consumers in Great Britain and Ireland, but will also enhance security of supply.”
Greenlink will use a subsea high-voltage direct current (HVDC) cable system to connect the power markets of Ireland and Great Britain, which is expected to improve the security of electricity supply and reduce average electricity costs for consumers.
The connection will stretch circa 200km underground and under the sea between County Wexford in Ireland and Pembrokeshire in Wales.
Construction is scheduled to begin in 2020, with completion expected by 2023.