The 190 km subsea and underground interconnector, considered one of the largest energy infrastructure projects in Europe, will be completed by 2024.
With a nominal capacity of 500 megawatts, this new interconnector will ensure a smooth supply of supply and demand between Ireland and the United Kingdom, and meet the energy needs of approximately 380,000 households on both sides of the Irish Sea.
This connection will widen access to European electricity markets, where existing interconnectors will supply electricity to Great Britain and then to Ireland. This will increase competition in the power supply and reduce pressure on electricity prices. By increasing regional connectivity, the interconnection will provide better access to renewable energy sources, which will better manage supply and demand.
Local communities in County Wexford (Ireland) and Pembrokeshire (Wales), where national grids are connected to the interconnector, will benefit from extensive local investments, including job creation and distribution related to project construction and operation. Chains.
The project is the first interconnector in Europe to be supported and privately funded under the Cap & Floor Regulatory Framework in the UK and Ireland. It represents a total investment of over 500 500 million.
It is also a new stage in the transformation of energy, for which the Society has acted as its General Exclusive Financial Adviser. The Bank worked with Greenlink Interconnector Ltd. and Project Sponsor Partners Group to secure clearance from the European, Irish and UK regulators to secure the project’s financial viability. The Society General acted as the hedge provider and lender for Greenlink.
Prone to fits of apathy. Unable to type with boxing gloves on. Internet advocate. Avid travel enthusiast. Entrepreneur. Music expert.