The Billion-Euro Power Play: Greenlink Interconnector Sells for Over €1 Billion
In a high-voltage deal that’s electrifying the energy sector, the 504 MW Greenlink subsea electricity interconnector—linking Great Britain and Ireland—has just been sold for an eye-popping enterprise value of over €1 billion. The buyers? Baltic Cable AB and Equitix, two heavyweights in the energy infrastructure game. This sale marks a major milestone in the evolution of Europe’s energy grid, showcasing how private capital and cutting-edge tech are reshaping the way we power our world.
From Concept to Current: Greenlink’s Journey
Partners Group, the Swiss-based investment powerhouse, has been the driving force behind Greenlink since acquiring a controlling stake in 2019 and taking full ownership in 2021. Under their stewardship, the project hit financial close, navigated the complexities of construction, and achieved initial commercial operations right on schedule—January 29, 2024. This isn’t just another infrastructure project; it’s a feat of engineering and financial innovation. With a nominal capacity to power approximately 380,000 homes, Greenlink is a game-changer in cross-border energy sharing.
The interconnector features two converter stations and a pair of high-voltage cables stretching 190 kilometers beneath the Irish Sea. These cables link National Grid’s substation in Pembrokeshire, Wales, to EirGrid’s Great Island substation in County Wexford, Ireland. But what really sets Greenlink apart is its status as the first privately financed interconnector in Europe, supported by the Cap & Floor regulatory regimes in the UK and Ireland. This model de-risks the project for investors while ensuring stable returns, making it a blueprint for future energy infrastructure ventures.
A New Era Under Baltic Cable and Equitix
With the sale now finalized, Greenlink enters its next chapter under the ownership of Baltic Cable AB and Equitix. Padraig McManus, Chairman of the Board at Greenlink, praised Partners Group’s “entrepreneurial governance model,” which was instrumental in delivering the project on time and within scope. “Taking a project of this magnitude from financing through construction to full operations requires a committed owner,” McManus noted. “We’re excited to see Greenlink thrive under its new leadership.”
This deal isn’t happening in isolation. Equitix, one of the buyers, recently teamed up with Kyuden Group to acquire offshore transmission assets for the Seagreen Phase 1 offshore wind farm in Scotland. These moves signal a broader trend: energy infrastructure is becoming a hotbed of investment activity as the world pivots toward renewable energy and grid modernization.
Why This Matters for the Future of Energy
Greenlink isn’t just a cable; it’s a symbol of the energy transition. By enabling the seamless flow of electricity between two nations, it reduces reliance on fossil fuels, enhances grid stability, and paves the way for more renewable energy integration. As Europe races to meet its net-zero targets, projects like Greenlink are critical to building a resilient, interconnected energy network.
For investors, this sale underscores the lucrative potential of energy infrastructure in a decarbonizing world. For tech enthusiasts, it’s a reminder that the future of energy isn’t just about solar panels and wind turbines—it’s about the smart, interconnected systems that make them work.
