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Foresight Group has acquired a majority stake in the proposed 750MW MaresConnect interconnector between Great Britain and Ireland for an undisclosed sum.
The investment manager acquired the stake from Etchea Energy through its energy transition fund Foresight Energy Infrastructure Partners. Etchea Energy will retain the remaining shareholding.
The subsea interconnector will stretch for 245km between Dublin in Ireland and Bodelwyddan in Denbighshire in Wales. The shareholders are planning reach financial close and begin construction at the end of 2024.
MaresConnect secured a 750MW grid connection at National Grid’s Bodelwyddan substation in 2018. The project will apply for revenue support under Ofgem’s Cap and Floor regime in the third window which is due to open over the summer. The interconnector is expected to begin operating in 2027 following three years of construction.
Simon Ludlam, partner at Etchea Energy and chief executive of MaresConnect, said: “We are delighted to welcome Foresight, a well-established and respected infrastructure investor, into the MaresConnect project and look forward to working toward realising the benefits for consumers, energy security and regional jobs and investment in Ireland and Wales.
“MaresConnect will increase interconnector capacity between Ireland and GB 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.”
Richard Thompson, a partner at Foresight and co-manager of its Foresight Energy Infrastructure Partners (FEIP) fund, said: “This investment represents another very exciting development for both Foresight and FEIP, which is seeking investments into infrastructure that will accelerate the energy transition.
“Given recent geopolitical events, the economic and social case for increased levels of interconnection has become even more compelling, enhancing European energy security, reducing power prices for consumers and accommodating more renewable energy on the system.”
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