Up to 380,000 Homes to be Energized by Greenlink Interconnector

21/03/2022

Greenlink Interconnector to link the power markets of Ireland and Great Britain, enhancing energy supply, creating jobs, and supporting the growth and integration of low carbon energy.

A 190km subsea and underground interconnector considered as one of Europe’s most important energy infrastructure projects is set to be completed by 2024. 

The new interconnector, with a nominal capacity of 500MW, will seamlessly transfer electricity between Ireland and the UK based on supply and demand and will meet the energy needs of up to 380,000 homes on either side of the Irish Sea. 

The link will further extend access to European power markets, where existing interconnectors will supply energy to Great Britain and thereafter to Ireland, leading to increased competition in domestic energy provision and potential downward pressure on electricity prices. By increasing regional connectivity, the interconnector also enables increased access to renewable energy supplies allowing for a better management of demand and supply spikes. 

Local communities in County Wexford (Ireland) and Pembrokeshire (Wales), where the national grids will connect to the interconnector, will benefit from job creations driven through construction and operations, as well as broader regional investment, including through supply chains. 

The project is the first privately-financed interconnector in Europe supported under the Cap and Floor regulatory regimes in the UK and Ireland and represents a total investment of over €500m. 

It is also another milestone in the energy transition, where Societe Generale acted as exclusive Financial Advisor. The bank was instrumental in ensuring the project’s bankability, working alongside Greenlink Interconnecteor Limited and the project sponsor Partners Group, to secure permission from European, Irish and British regulators. Societe Generale also acts as hedge provider and lender to Greenlink.
 

“ The development of this interconnector will allow access to a broader, more flexible and cleaner supply of electricity as well as enable further integration towards a low carbon economy. ”

Nathalie Lemarcis
London Co-Head of Energy Advisory and Project Finance at Societe Generale

“ We are delighted to have reached financial close on one of Europe’s most important energy infrastructure projects. It will deliver a range of benefits at this critical time in the energy transition, from local jobs and investment to energy security and the cost-effective integration of renewables to help Ireland and the UK meet their climate change goals. This milestone is testament to a great deal of skill and hard work from the Greenlink team and our advisers, with the support of stakeholders. We look forward to working with Partners Group, the EPC contractors and the local community to achieve successful delivery of the project in 2024. ”

James O’Reilly
CEO of Greenlink