Greenlink, a 504MW subsea electricity link between Great Britain and Ireland, has reached a significant milestone in its development. The interconnector, which boasts a nominal capacity capable of powering 380,000 homes, is a vital infrastructure asset that plays a crucial role in the energy transition and grid stability across Europe. With an enterprise value exceeding €1 billion ($1.08 billion), Greenlink marks a major achievement in the energy sector, being the first project-financed interconnector in Europe.
The Greenlink project enhances energy security and facilitates the integration of lower-carbon energy sources. It employs Sumitomo Electric's advanced high-voltage direct current cross-linked polyethylene cables to connect two converter stations via two high-voltage cables stretching 190 kilometers beneath the Irish Sea. These cables link National Grid's substation in Pembrokeshire, Wales, with EirGrid's Great Island substation in County Wexford, Ireland.
Supported by the cap and floor regime from regulators in both Great Britain and Ireland, Greenlink benefits from robust financial protection, predictable cash flows, and inflation-linked revenue. This regulatory framework ensures the project's financial stability and viability while contributing to the larger goal of enhancing European energy market integration.
Partners Group, which took full ownership of Greenlink in 2021 after initially acquiring a controlling stake in 2019, has been instrumental in steering the project through its development stages. The firm has guided Greenlink to financial close, overseen its construction, and aims to commence initial commercial operations by early 2025.
“Greenlink is a critical infrastructure asset that operates across two important themes, the energy transition and grid stability. The company has clear downside protection, as well as the potential to benefit from the development of future large-scale renewable projects, which will increase the available supply between these markets.” – Carsten Koenig, Partners Group Infrastructure Europe managing director
Equitix has also played a significant role in Greenlink's development as a major investor. The company views the project as central to its strategic objectives, leveraging its expertise in transmission assets to contribute to European energy market integration.
“We are extremely delighted with our investment in Greenlink, a major regulated asset of critical importance that enhances energy security and facilitates the integration of lower-carbon energy sources in Europe. Leveraging our decade-long experience in transmission assets and our complementary partnership with Baltic Cable, we are committed to driving Greenlink’s continued success for the benefit of all stakeholders.” – Achal Bhuwania, Equitix chief information officer