Partners Group has provided equity financing for a 500mw underwater electricity cable connecting the UK and Ireland.

The private-markets investment manager will help fund Greenlink Interconnector, the project to construct the high-voltage cable system.

To date, Greenlink has been developed by Element Power, an independent renewable energy developer, which, together with Hudson Sustainable Investments, is the other major shareholder in Greenlink.

The cable is designed to improve the security of electricity supply in both countries and reducing average electricity costs for consumers.

It will stretch approximately 200km 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.

Construction is scheduled to commence in 2020 and is expected to be completed by 2023.

Esther Peiner, managing director for private infrastructure in Europe at Partners Group, 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 benefit consumers in Great Britain and Ireland, but will also enhance security of supply.”