The European Commission has approved the takeover of the company behind a new electricity link between County Wexford and Wales.
The Greenlink interconnector links EirGrid with the British National Grid network allowing electricity to flow in both directions.
The link started operating back in April. The interconnector can transfer up to 504 MW of energy, enough to power more than 100,000 homes.
Greenlink is made up of two subsea cables running 160km under the Irish Sea.
EirGrid says the new cable improves “energy resilience and security” for Ireland and the UK.
The team behind Greenlink prided themselves for being “one of the first privately developed and funded energy projects between the UK and Ireland.”
The link has now been sold to a consortium made up of a Luxembourg-based investment firm and Swedish interconnector company.
The European Commission has approved the deal concluding it does not raise any competition concerns.
“The European Commission has approved, under the EU Merger Regulation, the acquisition of joint control of Greenlink S.à r.l. (‘Greenlink Interconnector’) of Luxembourg by Equitix Holdings Limited (‘Equitix’) of the UK and Baltic Cable AB of Sweden.
The transaction relates primarily to the provision of high voltage electricity interconnection services between the islands of Ireland and of Great Britain.
The Commission concluded that the notified transaction would not raise competition concerns, given the limited impact on the market structure. The notified transaction was examined under the simplified merger review procedure.”