Swiss-based global private equity firm Partners Group has sold the Greenlink Interconnector, a 504MW subsea electricity link between Great Britain and Ireland, to Baltic Cable and Equitix.
The deal assigns an enterprise value of more than €1bn ($1.08bn) to Greenlink.
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Partners Group took full ownership of Greenlink in 2021, after initially acquiring a controlling stake in 2019.
The firm has steered the project through its development stages, achieving financial close, overseeing construction and commencing initial commercial operations in early 2025.
Greenlink’s completion marks a milestone as the first project-financed interconnector in Europe.
Partners Group Infrastructure Europe managing director Carsten Koenig stated: “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.”
Greenlink has a nominal capacity capable of powering 380,000 homes. It comprises two converter stations and two high-voltage cables extending 190km beneath the Irish Sea, linking National Grid’s substation in Pembrokeshire, Wales, with EirGrid’s Great Island substation in County Wexford, Ireland.
This infrastructure is supported by the cap and floor regime from regulators in both Great Britain and Ireland, offering robust financial protection, predictable cash flows and inflation-linked revenue.
Equitix chief information officer Achal Bhuwania stated: “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.”
Greenlink is key to enhancing European energy market integration and supporting the energy transition, a major focus for Partners Group.
The interconnector not only facilitates the integration of renewable energy technologies in both Great Britain and Ireland but also enhances energy security by diversifying energy sources and adding import and export capacity.
Baltic Cable CEO Kajsa Hedberg stated: “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.”
UBS, Clifford Chance, and Arthur Cox provided advisory services to Partners Group for the transaction, while Equitix was advised by Macquarie Capital, Linklaters, Deloitte and Arup.
The Greenlink Interconnector utilises Sumitomo Electric’s advanced high-voltage direct current cross-linked polyethylene cables.
