Swiss investment management company Partners Group, acting on behalf of its clients, has agreed to divest Greenlink Interconnector, a 504MW subsea electricity link between Great Britain and Ireland.
The deal, which sees Baltic Cable and Equitix taking ownership, places Greenlink’s enterprise value at over €1bn.
Partners Group initially secured a controlling interest in the interconnector in 2019 and transitioned to full ownership by 2021. The company guided Greenlink through various developmental stages, including financial closure, construction, and the commencement of commercial operations in early 2025.
The interconnector itself comprises two converter stations and a pair of high-voltage cables extending 190km beneath the Irish Sea, linking National Grid’s substation in Pembrokeshire, Wales, to EirGrid’s facility in County Wexford, Ireland. With its nominal capacity, Greenlink is capable of supplying electricity to approximately 380,000 homes.
Greenlink is regulated by Ofgem in Great Britain and CRU in Ireland. The interconnector project facilitates the integration of renewable energy technologies, improves energy security by diversifying supply and enhances import and export capabilities in the two countries.
Partners Group Infrastructure Europe managing director Carsten Koenig 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.”
Equitix CIO Achal Bhuwania said: “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.”
Partners Group, with $27bn in assets under management (AuM) within its Infrastructure business, received advisory services from UBS, Clifford Chance, and Arthur Cox throughout the divestiture process.
