Partners Group sells subsea interconnector for over €1 billion

In recent months, Switzerland's Partners Group completed the sale of the Greenlink subsea interconnector to Baltic Cable AB and Equitix for over €1 billion. This subsea cable, with an energy capacity capable of supplying power to 380,000 homes, links Ireland and Great Britain via two high-voltage cables extending 190 kilometers under the Irish Sea. The interconnector enhances the electrical connection between the UK's National Grid in Wales and EirGrid's substation in Co Wexford, Ireland. Greenlink is significant within the context of renewable energy integration, providing necessary import and export capacity, and assisting in balancing the electricity grids of both countries. Acquired by Partners Group in 2019, Greenlink was under the firm's full ownership by 2021 and is anticipated to be completed this year. The completion of this project is crucial for the energy transition and grid stability, as emphasized by Carsten Koenig, managing director of European infrastructure at Partners Group, who noted that Greenlink offers downside protection and potential benefits from future renewable energy projects, thereby increasing power supply availability between markets. This project is set to be a strategic asset as it furthers the deployment of renewable energy sources in both Ireland and the UK. Baltic Cable AB, the buyer, brings over 30 years of experience operating the Baltic Cable interconnector between Sweden and Germany, and Equitix has been a key investor in offshore transmission for over a decade. The management and future operations of Greenlink will now be under the stewardship of these seasoned partners, which raises optimism about the smooth transition and successful operation of the interconnector. Padraig McManus, chair at Greenlink, stated the complexity and magnitude of such a project necessitates a committed owner, expressing his satisfaction with the new ownership structure that is poised to advance the project into its next phase. As the global energy landscape evolves rapidly, infrastructure projects like Greenlink will play a pivotal role in meeting the energy demands of the future and in achieving the goals of cleaner energy integration.