March 12 (Renewables Now) - Private markets investor Partners Group has provided equity financing for the 500-MW Greenlink interconnector between Wales and Ireland in exchange for a stake in the scheme.
Switzerland-based Partners Group said on Tuesday it has made the investment on behalf of its clients. Developer Greenlink Interconnector Ltd, meanwhile, confirmed the acquisition on the project’s website without providing further details. The entity, set up by Ireland’s Element Power and funds managed by its owner Hudson Sustainable Investments, will keep the remaining interest in the project and complete its development through to the anticipated financial close and the start of construction in the second half of 2020.
The 205-km (127-mile) high voltage direct current (HVDC) link is expected to become operational in 2023. The subsea and underground cable will run from the Great Island substation in County Wexford, Ireland, to the Pembroke substation in Pembrokeshire, Wales.
“Once completed, this interconnector will not only benefit consumers in Great Britain and Ireland, but will also enhance security of supply," said Esther Peiner, managing director, private infrastructure Europe, at Partners Group.
Last month, the European Union (EU) committed to providе EUR 3.6 million (USD 4.1m) in grant funding for the EUR-400-million privately-financed project.
(EUR 1.0 = USD 1.126)