Greenlink construction underway following financial close
A financial close on the construction of the Greenlink, a 500 MW subsea and underground electricity interconnector that will link Ireland and Great Britain, has been reached.
On 21 March, Greenlink Interconnector Limited (GIL) announced the financial close and the start of full construction of the electricity interconnector.
As disclosed, Partners Group, which owns Greenlink on behalf of its clients, has secured debt financing for the project with a consortium of banks to fund construction.
The consortium comprised of Siemens Energy and Sumitomo Electric Industries will undertake the construction under the contract for the engineering, procurement and construction (EPC) awarded in September 2021.
According to the updates, onshore works have begun in Wexford and Pembrokeshire and the project will have a three-year construction period, before commissioning at the end of 2024.
The Greenlink project is known as 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 €500 million.
It comprises a 190-kilometre subsea and underground high-voltage direct current (HVDC) cable system, two converter stations, a tail station at Great Island in Wexford, Ireland, and onshore cable works in Wexford and Pembrokeshire, Wales.
“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“, said James O’Reilly, CEO of Greenlink.
“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.
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