The Office of Gas and Electricity Markets (Ofgem), the UK's electricity and natural gas markets regulator, has granted a licence to MaresConnect for a proposed 750MW electricity interconnector between Ireland and Britain.
The licence grants MaresConnet, which is being developed by Foresight Group’s energy transition fund, Foresight Energy Infrastructure Partners, and Etchea Energy, the right to own and operate an electricity interconnector project in the UK and provides certain associated powers as a statutory undertaker.
The cable route is c.245km underground and under the sea and will go between Dublin and Bodelwyddan, Denbighshire in Wales and will be operated by EirGrid and National Grid Electricity Transmission.
MaresConnect said the project is considered one of Europe’s most important energy infrastructure projects and would integrate Ireland's renewable energy resources in the cross-European power network, contributing to the European Green Deal.
Simon Ludlam, CEO of MaresConnect, said that securing the licence "is an important step for us to position the project for its application for Ofgem’s third Cap & Floor window and to advance our route planning strategy and engagement with community stakeholders".
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Ludlam explained that MaresConnect will increase interconnector capacity between Ireland and GB by 50%.
MaresConnect previously secured a 750MW grid connection at the UK National Grid's Bodelwyddan substation in 2018, and procurement for the major onshore survey contracts is currently underway.
Following the current development, the project is expected to have a three-year construction programme leading to operations in 2027.
Foresight Group is a leading listed infrastructure and private equity investment manager with a long-standing focus on ESG and sustainability strategies that currently has more than 200 investments in SMEs and has £9bn in assets under management in Europe and Australia.
It manages more than 300 infrastructure assets, including solar and onshore wind assets, bioenergy and waste, as well as renewable energy enabling projects, energy efficiency management solutions, social and core infrastructure projects and sustainable forestry assets.
Etchea Energy Partners is based in London and Dublin and is a leading project development firm in the energy sector. It provides the core management team to MaresConnect and leverages its broad experience in developing interconnectors in northwest Europe.
(Pic: Getty Images)
