12 March 2019. Partners Group [1], the global private markets investment manager, has acquired a stake in the Greenlink interconnector project (“Greenlink”) [2] on behalf of its clients. Element Power and its owner Hudson Sustainable Investments (“Hudson”)[3] will retain the remaining shareholding, and the intention is for the parties to complete the development of Greenlink through to anticipated financial close and the start of construction in the second half of 2020.
Greenlink is a proposed 500MW electricity interconnector linking the power markets of Ireland and Great Britain [4]. It will stretch approximately 200km underground and under the sea between Co. Wexford in Ireland and Pembrokeshire in Wales. As an EU Project of Common interest (PCI) [5] it is considered one of Europe’s most important energy infrastructure projects.
Joseph Slamm, partner in Hudson and director of Greenlink, said;
“We are delighted to welcome Partners Group, a well-established and respected infrastructure investor, into the Greenlink project and look forward to working toward realising the benefits for consumers, energy security and regional jobs and investment in Ireland and Wales.”
Esther Peiner, managing director in Partners Group's European private infrastructure team, said;
"Greenlink Interconnector is a key electricity infrastructure project for Ireland and Great Britain. 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 be benefiting consumers in Great Britain and Ireland, but also enhancing security of supply."
Subsea surveys for the project began in Summer 2018 and procurement for the major construction contracts is currently under way. Both the Irish and UK regulators have determined that the project is in the public interest and that it can operate under a cap and floor regime [6]. The project is expected to have a three-year construction programme leading to commissioning in 2023.
CONTACT FOR MEDIA ENQUIRIES: Anna Stanford, Communications Consultant: M: +44 7961 234634 Anna.Stanford@greenlink.ie
Notes to Editors:
Partners Group is a global private markets investment management firm with EUR 73 billion in investment programs under management in private equity, private real estate, private infrastructure and private debt. The firm manages a broad range of customized portfolios for an international clientele of institutional investors. Partners Group is headquartered in Zug, Switzerland and has offices in Denver, Houston, New York, São Paulo, London, Guernsey, Paris, Luxembourg, Milan, Munich, Dubai, Mumbai, Singapore, Manila, Shanghai, Seoul, Tokyo and Sydney. The firm employs over 1,200 people and is listed on the SIX Swiss Exchange (symbol: PGHN) with a major ownership by its partners and employees.
The Partners Group investment is in Greenlink Interconnector Holdings Limited, which is a holding company for Greenlink Interconnector Limited.
Hudson Sustainable Investment Management, LLC based in New York City is an experienced asset management firm in the sustainable investing sector focused on creating tailored investment products for its investors. The Hudson team has deployed over $3 billion across 25 countries during multiple cycles over the past 15 years. Primary areas to date have included renewable energy, power electronics, battery storage, grid infrastructure, electric vehicles and related software applications. Hudson executives have also been widely involved in various industry governing bodies as well as policy advocacy groups.
Greenlink is a proposed 500MW, subsea and underground cable interconnector (with associated converter stations) between the existing electricity grids in Ireland and the UK, operated respectively by EirGrid and National Grid Electricity Transmission. The project will link the Great Island transmission substation in County Wexford (Ireland) and Pembroke transmission substation in Pembrokeshire (Wales). More details at: www.greenlink.ie
Greenlink has been recognised as a PCI by the EU following support received from both the Irish and UK governments. A PCI is a project selected by the European Commission that will have a significant impact on energy markets and market integration in EU countries, boost competition on energy markets, help the EU’s energy security by diversifying sources, and contribute to the EU's climate and energy goals by integrating renewables. In November 2017, Greenlink was re-confirmed as a PCI by the European Commission: https://ec.europa.eu/energy/en/topics/infrastructure/projects-common-interest