Foresight Group Holdings has bought a majority stake in an electricity interconnector project linking the power markets of the UK and Ireland.
The London-listed infrastructure and private equity investment manager said it made the investment in the MaresConnect interconnector project on behalf of the Foresight Energy Infrastructure Partners (FEIP) fund.
Etchea Energy Nominees will retain the remaining shareholding.
MaresConnect is a proposed 750MW electricity interconnector project. The cable route is approximately 245km in length and will run underground and under the sea between Dublin in Ireland and Bodelwyddan, Denbighshire in Wales.
Richard Thompson, co-manager of FEIP and Foresight Partner, said: “This investment represents another very exciting development for both Foresight and FEIP, which is seeking investments into infrastructure that will accelerate the energy transition.”
Given recent geopolitical events, the economic and social case for increased levels of interconnection has become even more compelling, enhancing European energy security, reducing power prices for consumers and accommodating more renewable energy on the system, Thompson said.
“We believe this asset will play a pivotal role in the transmission of clean energy between Ireland and Great Britain and are very much looking forward to working with the experienced management team to oversee its development,” Thompson said.
Simon Ludlam, partner at Etchea Energy and CEO of MaresConnect, said: “We are delighted to welcome Foresight, a well-established and respected infrastructure investor, into the MaresConnect project and look forward to working toward realising the benefits for consumers, energy security and regional jobs and investment in Ireland and Wales.
“MaresConnect will increase interconnector capacity between Ireland and Great Britain by 50% and make a material contribution to Ireland achieving its 2030 environmental targets as well as providing a cost-efficient export route for Ireland’s growing offshore wind sector.”
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