Partners Group sold Greenlink Interconnector, a 504 MW subsea electricity link connecting Great Britain and Ireland, to Baltic Cable AB and Equitix for over €1bn. 

The sale marks a major exit for the private markets firm, which acquired a controlling stake in Greenlink in 2019 and took full ownership in 2021.

Since its acquisition, Partners Group has steered Greenlink through financial close and construction, reaching initial commercial operations on schedule in early 2025. The project is Europe’s first project-financed interconnector and features two converter stations linked by 190 km of high-voltage cables beneath the Irish Sea. The infrastructure connects National Grid’s substation in Pembrokeshire, Wales, to EirGrid’s Great Island substation in County Wexford, Ireland.

Greenlink plays a vital role in European energy integration, improving grid stability, facilitating the expansion of renewable energy, and enhancing energy security by diversifying supply sources. The project operates under the Cap & Floor regime in Britain and Ireland, offering downside protection, predictable cash flows, and inflation-linked revenues.

“Greenlink is a critical infrastructure asset that operates across two important themes, the energy transition and grid stability,” said Carsten Koenig, managing director of infrastructure Europe at Partners Group. “The company has clear downside protection, as well as the potential to benefit from the development of future large-scale renewable projects.”

Chairman of Greenlink, Padraig McManus, highlighted the importance of committed ownership in delivering such a large-scale project. “Partners Group’s governance model has been essential for bringing Greenlink to operations on time. We are pleased to see the company enter its next phase under the ownership of Baltic Cable and Equitix,” he said.

Partners Group, which manages $27bn in infrastructure assets globally, was advised by UBS, Clifford Chance, and Arthur Cox on the transaction. The sale underscores the firm’s continued focus on energy transition investments and strategic infrastructure development.