The €500 million Greenlink Interconnector (GIL) project between Ireland and Wales has reached financial close.

Greenlink Interconnector (GIL), is a proposed subsea and underground electricity interconnector linking the power markets in Ireland and Great Britain. For Ireland, the interconnector provides a natural link to EU and Nordic electricity markets via Great Britain.

The project is made up of a 160-km (99-mile) subsea HVDC cable system, two converter stations, a tail station located at Great Island in Wexford, Ireland, and onshore cables in Wexford and Pembrokeshire, Wales.

The 500 MW HVDC electricity interconnector project is being developed with an investment of more than €500 million (around $549,4 million). Its nominal capacity is equivalent to powering nearly 380,000 homes.

Partners Group, a Swiss private equity firm, owns the GIL project on behalf of its clients. The company has obtained debt financing for the electricity interconnector project with a consortium of banks to finance its construction.

Greenlink Interconnector CEO James O’Reilly said: “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.”

The engineering, procurement, and construction (EPC) contract for the GIL project was awarded last September to a consortium made up of Siemens Energy and Sumitomo Electric Industries.

Onshore works pertaining to the project have commenced in Wexford and Pembrokeshire.

GIL is the first privately-financed interconnector in Europe, which is supported under the Cap and Floor regulatory regimes in Britain and Ireland. Considered of critical importance in Europe, GIL had been granted “Project of Common Interest” status by the European Commission.

The project is expected to be completed in late 2024 following a three-year construction period.

Source: NS Energy; Greenlink Interconnector