Foresight Group acquires majority stake in planned Ireland-UK interconnector

Private equity firm Foresight Group Holdings Ltd., through its Foresight Energy Infrastructure Partners fund, acquired a majority stake in a proposed 750-MW electricity interconnector linking the power markets of Ireland and Great Britain. The value of the transaction was undisclosed.

The MaresConnect interconnector project will involve a cable route of approximately 245 kilometers that will run underground and under the sea between Dublin in Ireland and Denbighshire in Wales, according to a news release.

Etchea Energy Nominees Ltd. will retain the remaining shareholding in the project.

The two companies will work to complete the development of the MaresConnect project to financial close and the beginning of construction at the end of 2024, the release said.

"MaresConnect will increase interconnector capacity between Ireland and [Great Britain] by 50% and make a material contribution to Ireland achieving its 2030 environmental targets as well as providing a cost-efficient export route for Ireland's growing offshore wind sector," said Simon Ludlam, partner at Etchea Energy and CEO of MaresConnect.

S&P Global Commodity Insights produces content for distribution on S&P Capital IQ Pro.