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The 504MW subsea interconnector has been acquired by Baltic Cable and Equitix Partners Group has agreed to sell the 504MW subsea Greenlink Interconnector, which links Great Britain and Ireland, to Baltic Cable AB and Equitix. The transaction values Greenlink at an enterprise value of over €1bn. Partners Group acquired a controlling stake in Greenlink in 2019 before taking full ownership in 2021. Since then, Partners Group has driven value creation at the Company, leading it through financial close and construction to initial commercial operations, which was reached on time in early 2025. Greenlink is the first project financed interconnector to be completed in Europe. It consists of two converter stations and two high voltage cables running 190km under the Irish Sea. The converter stations and cables connect National Grid’s substation in Pembrokeshire, Wales to EirGrid’s Great Island substation in County Wexford, Ireland. Greenlink has strong infrastructure characteristics, benefiting from the Cap & Floor regime with regulators in Great Britain and Ireland, providing strong downside protection, visible cash flows, and inflation-linked revenues. The interconnector improves the integration of renewable energy technologies in Great Britain and Ireland, supporting the growth of the sector across both countries, Partners Group said. The project also enhances energy security by diversifying sources and providing additional import and export capacity in both countries, delivers greater market competition in the provision of electricity, and provides balancing services for the two grids, it added. Carsten Koenig, managing director for 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. Padraig McManus (pictured), chairman of the board of Greenlink, added: 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. |
