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Partners Group, the global private markets investment manager, has acquired a stake in the Greenlink interconnector project (Greenlink) on behalf of its clients. Element Power and its owner Hudson Sustainable Investments (Hudson) will retain the remaining shareholding, and the intention is for the parties to complete the development of Greenlink through to anticipated financial close and the start of construction in the second half of 2020.
Greenlink is a proposed 500MW electricity interconnector linking the power markets of Ireland and Great Britain. It will stretch approximately 200km underground and under the sea between Co. Wexford in Ireland and Pembrokeshire in Wales. As an EU Project of Common interest (PCI) it is considered one of Europes most important energy infrastructure projects.
Joseph Slamm, partner in Hudson and director of Greenlink, said;
We are delighted to welcome Partners Group, a well-established and respected infrastructure investor, into the Greenlink project and look forward to working toward realising the benefits for consumers, energy security and regional jobs and investment in Ireland and Wales.
Esther Peiner, managing director in Partners Group's European private infrastructure team, 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 be benefiting consumers in Great Britain and Ireland, but also enhancing security of supply."
Subsea surveys for the project began in Summer 2018 and procurement for the major construction contracts is currently under way. Both the Irish and UK regulators have determined that the project is in the public interest and that it can operate under a cap and floor regime. The project is expected to have a three-year construction programme leading to commissioning in 2023.