Mubadala Acquires $200 Million Stake in Greenlink HVDC Interconnector
Abu Dhabi sovereign investor Mubadala Investment Company has acquired a $200 million stake in Greenlink, the 504 MW HVDC subsea interconnector linking Great Britain and Ireland, purchasing the stake from infrastructure fund manager Equitix.
Greenlink is a joint venture between Equitix and Baltic Cable, and operates a high-voltage direct current subsea cable stretching approximately 190 kilometres beneath the Irish Sea. The cable connects EirGrid's Great Island substation in County Wexford, Ireland, to National Grid's Pembroke substation in Pembrokeshire, Wales. The interconnector reached commercial operations in early 2025 and has a nominal capacity equivalent to powering approximately 380,000 homes.
The project is regulated by the Office of Gas and Electricity Markets (Ofgem) in Great Britain and the Commission for Regulation of Utilities (CRU) in Ireland, providing long-term revenue certainty underpinned by a dual regulatory framework. Greenlink has also received designation as a Project of Common Interest by the European Union, reflecting its strategic importance to regional energy security and the development of a more integrated European power market.
The asset is the first privately financed, project-financed interconnector in Europe. It was originally developed and built under the ownership of Partners Group, which acquired a controlling stake in 2019 and took full ownership in 2021, before selling the project to Equitix and Baltic Cable in a deal valued at over €1 billion in early 2025.
Karim El Jazzar, Head of Europe and MENA Infrastructure at Mubadala, said the investment reflects the fund's continued focus on high-quality infrastructure assets integral to the functioning of modern economies, including those enabling more connected and efficient energy systems. He added that interconnectors are becoming increasingly important in supporting cross-border electricity flows and facilitating the integration of renewable energy as power markets evolve.
Achal Bhuwania, Chief Investment Officer at Equitix, said the partnership brings together two investors with deep infrastructure expertise, which strengthens the platform and positions it well to support the evolving needs of interconnected power markets.
Mubadala's total assets under management stood at $385 billion as of 2025, spanning six continents across multiple sectors and asset classes. The Greenlink acquisition marks the fund's third significant investment in the United Kingdom's power sector, following a $325 million commitment to Orsted's Hornsea 3 offshore wind project in May 2026 and a prior investment in battery storage company Zenobe.
