Partners Group, the global private markets investment manager, has invested in the Greenlink Interconnector, a project to construct a 500MW subsea interconnector between Ireland and Great Britain, using a high-voltage direct current (HVDC) cable system. Greenlink will stretch approximately 200km underground and under the sea between County Wexford, Ireland and Pembrokeshire, Wales. The interconnector will improve the security of energy on both islands, allowing for electricity to flow both ways between the two countries.
Mott MacDonald carried out technical advisory services on the project on behalf of Partners Group, which provided equity financing on behalf of its clients. To date, Greenlink has been developed by Element Power Holdings, an independent renewable energy developer, which, together with funds managed by Hudson Sustainable Investment, is the other major shareholder in the project.
Greenlink will help enhance the security of electricity supply and the integration of renewable energy in Ireland and Great Britain. The project is also expected to provide regional investment and jobs, and create downward pressure on electricity bills. Greenlink has been awarded ‘Project of Common Interest’ status by the European Commission. Funding has been granted from the European Union's Innovation and Networks Executive Agency.
Mott MacDonald’s role included reviewing the project development, design and procurement, as well as project costs to provide an appraisal of the HVDC converter stations and cable technology. Mott MacDonald provided a knowledge of the UK interconnector cap and floor regulatory regime required to understand the context of the development.
Fay Lelliott, Mott MacDonald’s project manager, said: “I am incredibly proud to be part of the team advising Partners Group on its investment in Greenlink. This project is fundamental in connecting Ireland and Great Britain’s energy systems and will help to reduce average electricity costs for consumers.”
Construction is scheduled to commence in 2020, with the interconnector expected to be completed by 2023.