Greenlink
Owner and operator of the 504 MW Greenlink subsea electricity interconnector between Wexford, Ireland and Pembroke, Wales. Owned by Equitix and Baltic Cable AB, with Mubadala buying part of Equitix's stake in June 2026.
Industry: Electricity interconnector | Location: Dublin, Ireland | Founded: 2010 | Total Funding: USD 200M
About Greenlink
Greenlink Interconnector Limited owns and operates Greenlink, a 504 megawatt subsea electricity interconnector between Ireland and Great Britain. The high-voltage direct current link runs roughly 190 kilometres and connects EirGrid's Great Island substation in County Wexford, Ireland, with National Grid's 400 kV substation at Pembroke in Wales. Power can flow in both directions, and the capacity is enough to supply around 380,000 homes. The link lets the two markets balance supply and demand, for example by moving surplus wind power to wherever there is a shortfall. Greenlink entered commercial operation on 29 January 2025, after more than three years of construction. It is regulated by the UK's Ofgem and by Ireland's Commission for Regulation of Utilities, with Ofgem's cap-and-floor regime covering the Great Britain share of the project and the Irish regulator the other half. Preliminary cap and floor levels were set at financial close in August 2022, at GBP 31.24 million and GBP 15.58 million respectively. The European Union designated the project a Project of Common Interest. This regulatory framework gives long-term visibility on revenues, which suits institutional investors. In September 2026 Ofgem published a minded-to consultation on the link's post-construction review, with final decisions expected in December 2026. Ownership has changed hands over the project's life. Partners Group acquired a controlling stake in Greenlink in 2019 and took full ownership in 2021. Trade press later reported its sale to Baltic Cable and Equitix, with one outlet putting the enterprise value at more than EUR 1 billion. Equitix, a UK-based infrastructure fund manager, and Baltic Cable run the asset as a joint venture. On 16 June 2026 Mubadala Investment Company announced that it had acquired USD 200 million of Equitix's stake in Greenlink. Mubadala did not disclose the stake as a percentage or the valuation. Karim El Jazzar, who heads infrastructure for Europe and the Middle East and North Africa at Mubadala, described the focus as high-quality assets that combine strategic relevance with sustainable economic value, and Equitix's chief investment officer said the partnership strengthens its platform. The purchase fits a wider pattern of Mubadala investment in European energy infrastructure, including a USD 325 million commitment to the Hornsea 3 offshore wind project, backing for battery storage company Zenobe and a USD 300 million co-investment with Stonepeak in a container leasing platform.
Leadership
- James O'Reilly, Chief Executive Officer
- Colin D'Arcy, Commercial Director
- Paul O'Rourke, Construction Director
- Nina Harland, Legal Director and Company Secretary
- Jacqueline Mahon, Finance Director