Equitix and Baltic Cable are acquiring a 504MW subsea electricity interconnector between the UK and Ireland from Partners Group in a deal worth over €1bn.
The pair have agreed to acquire Greenlink, which includes cables connecting EirGrid’s Great Island substation in County Wexford, Ireland to National Grid’s Pembroke substation in Pembrokeshire, Wales.
Achal Bhuwania, Equitix CIO, said: “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.”
Kajsa Hedberg, Baltic Cable CEO, said: “This is one important step in providing additional connecting capacity to increase the integration of the trans-European energy market.
“Investing in Greenlink is well in line with Baltic Cable’s strategy of leveraging our knowledge and experience as an interconnector to further support the green transition and a more resilient energy system in Europe.”
Partners Group, which gained control of Greenlink in 2019 and full ownership in 2021, said the disposal values Greenlink at an enterprise value of over €1bn.
Carsten Koenig, managing director of infrastructure Europe at Partners Group, said: “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.”
Thomas Kontsiotis, member of management, infrastructure Europe, Partners Group, said: “We are very proud to have delivered such a strategic infrastructure asset in this timeframe, reflecting our deep operational experience in building energy platforms and broad networks.
“We have strong belief in CEO James O’Reilly and the wider Greenlink team, and we wish them all the best as the project moves into its operational phase.”
O’Reilly said: “Greenlink has successfully completed the development and construction phases of its lifecycle under the ownership of Partners Group.
“We are now entering the commercial operations phase, and the Greenlink team is looking forward to working with our new owners Equitix and Baltic Cable over the long term.”
Padraig McManus, chairman of the board at Greenlink, said: “Taking a project of this magnitude from financing through construction to full operations requires a committed owner.
“Partners Group’s entrepreneurial governance model has been essential for delivering Greenlink to operations on time. We are pleased to see the company enter its next phase under the ownership of Baltic Cable and Equitix.”
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