Partners Group to sell Greenlink, a 504 MW subsea electricity interconnector linking Great Britain and Ireland

• The transaction values Greenlink at an enterprise value of over EUR 1 billion
• Partners Group has driven value creation at Greenlink, which has a nominal capacity that is equivalent to powering around 380,000 homes
• Greenlink is a critical infrastructure asset that supports the integration of renewable energy, provides grid flexibility, and enhances energy security

Partners Group, one of the largest firms in the global private markets industry, acting on behalf of its clients, has agreed to sell Greenlink Interconnector (“Greenlink” or “the Company”), a 504 MW subsea electricity interconnector linking Great Britain and Ireland, to Baltic Cable AB and Equitix. The transaction values Greenlink at an enterprise value of over EUR 1 billion.

Partners Group acquired a controlling stake in Greenlink in 2019 before taking full ownership in 2021. Since then, Partners Group has driven value creation at the Company, leading it through financial close and construction to initial commercial operations, which was reached on time in early 2025. Partners Group was active in securing financing for the project and sourcing top tier suppliers during the construction phase. Greenlink is the first project financed interconnector to be completed in Europe.

Greenlink, which has a nominal capacity that is equivalent to powering around 380,000 homes, consists of two converter stations and two high voltage cables running 190 km under the Irish Sea. The converter stations and cables connect National Grid’s substation in Pembrokeshire, Wales to EirGrid’s Great Island substation in County Wexford, Ireland. Greenlink has strong infrastructure characteristics, benefiting from the Cap & Floor regime with regulators in Great Britain and Ireland, providing strong downside protection, visible cash flows, and inflation-linked revenues.

Greenlink is playing a pivotal role in further integrating European energy markets and advancing the energy transition, which is a key thematic focus area for Partners Group. Greenlink improves the integration of renewable energy technologies in Great Britain and Ireland, supporting the growth of the sector across both countries. Greenlink also enhances energy security by diversifying sources and providing additional import and export capacity in both countries, delivers greater market competition in the provision of electricity, and provides balancing services for the two grids.

Carsten Koenig, Managing Director, Infrastructure Europe, Partners Group, says: “Greenlink is a critical infrastructure asset that operates across two important themes, the energy transition and grid stability. The Company has clear downside protection, as well as the potential to benefit from the development of future large-scale renewable projects, which will increase the available supply between these markets.”

Padraig McManus, Chairman of the Board, Greenlink, adds: “Taking a project of this magnitude from financing through construction to full operations requires a committed owner. Partners Group’s entrepreneurial governance model has been essential for delivering Greenlink to operations on time. We are pleased to see the Company enter its next phase under the ownership of Baltic Cable and Equitix.”

Thomas Kontsiotis, Member of Management, Infrastructure Europe, Partners Group, concludes: “We are very proud to have delivered such a strategic infrastructure asset in this timeframe, reflecting our deep operational experience in building energy platforms and broad networks. We have strong belief in CEO James O’Reilly and the wider Greenlink team, and we wish them all the best as the project moves into its operational phase.”

Partners Group’s Infrastructure business has USD 27 billion in AuM globally. The firm was advised by UBS, Clifford Chance, and Arthur Cox on the transaction.