The project involves construction of a 190km subsea and underground electricity interconnector between Ireland and Great Britain.
Under this project, a 160km subsea high-voltage direct current (HVDC) cable system, two converter stations and a tail station will be constructed at Great Island in Wexford, Ireland.
In addition, the project will see onshore cable works in Wexford and Pembrokeshire, Wales, which has already started.
Construction is underway on the $549.75m (€500m) privately financed project in Europe, which comes under cap and floor regulatory regimes.
GIL received cap and floor agreements from the Commission for Regulation of Utilities (CRU) in Ireland and Ofgem in Great Britain.
According to GIL, the nominal capacity of this 500MW project can power around 380,000 houses, which will ease the pressure on wholesale energy prices.
Furthermore, the company will offer employment opportunities during the construction period of this project.
Construction period of the project will be three years, with commissioning set to take place at the end of 2024.
Greenlink CEO James O’Reilly said: “We are delighted to have reached financial close on one of Europe’s most important energy infrastructure projects.
“It will deliver a range of benefits at this critical time in the energy transition, from local jobs and investment to energy security and the cost-effective integration of renewables to help Ireland and the UK meet their climate change goals.”
The 500MW project involves construction 190km subsea and underground electricity interconnector between Ireland and Great Britain. Credit: © Siemens Energy.