12 May 2021 - Greenlink Interconnector Limited has welcomed the decision by Partners Group, a leading global private markets firm, to increase its stake in the proposed Greenlink electricity interconnector project to become a 100% shareholder in the company. 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.
Greenlink will use a subsea high-voltage direct current (HVDC) cable system to connect the power markets of Ireland and Great Britain, improving 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. 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.
Shreya Malik, Senior Vice President of Partners Group (UK) and Director of Greenlink, 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.”
Nigel Beresford, CEO for Greenlink Interconnector Limited, 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.”
Greenlink is one of Europe’s most important energy infrastructure projects and brings benefits on both sides of the Irish Sea for energy security, regional investment, jobs and the cost-effective integration of low carbon energy. The project will offer important local supply chain opportunities and plans are being drawn up for ‘meet-the-buyer’ events in the local area prior to construction.
CONTACT FOR MEDIA ENQUIRIES:
Anna Stanford, Communications Adviser:
+44 7961 234634 Anna.Stanford@greenlink.ie
General enquiries: firstname.lastname@example.org
Greenlink is a proposed interconnector linking the power markets in Ireland and Great Britain. The project comprises a subsea and underground cable and associated converter stations to connect EirGrid’s Great Island transmission substation in County Wexford (Ireland) and National Grid’s Pembroke transmission substation in Pembrokeshire (Wales). It has a nominal capacity of 500MW. The privately-financed project is being developed by Greenlink Interconnector Limited and is expected to start commissioning before the end of 2023. More details at: www.greenlink.ie @Greenlink_IC
About Partners Group
Partners Group is a leading global private markets firm. Since 1996, the firm has invested over USD 145 billion in private equity, private real estate, private debt and private infrastructure on behalf of its clients globally. The firm is a committed, responsible investor capitalizing on thematic growth trends with the aim to create sustainable returns with lasting, positive impact for all its stakeholders. With over USD 109 billion in assets under management as of 31 December 2020, Partners Group provides an innovative range of bespoke client solutions to institutional investors, sovereign wealth funds, family offices and private individuals globally. The firm employs more than 1,500 diverse professionals across 20 offices worldwide and has regional headquarters in Baar-Zug, Switzerland; Denver, USA; and Singapore. It has been listed on the SIX Swiss Exchange since 2006 (symbol: PGHN).
Greenlink has the status of an EU Project of Common Interest (PCI), making it one of Europe’s most important energy infrastructure projects. It has received funding from the European Commission through the Connecting Europe Facility.