A new electricity interconnector between Ireland and the UK is on course to be delivered in 2024 after the project secured the €500m in required investment.

The 500MW Greenlink Interconnector will see a 190km cable laid undersea and underground between Ireland and Wales.

The project will be privately financed using debt secured from a consortium of banks by private markets firm, Partners Group.

"We are delighted to have reached financial close on one of Europe's most important energy infrastructure projects," said James O’Reilly, CEO of Greenlink.

"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."

Work on the infrastructure, which will connect the Irish and Great Britain power grids, has already begun on shore in Wexford and Pembrokeshire.

It is expected the construction and commissioning will take three years, with the connection due to be up and running by the end of 2024.

A consortium made up of Siemens Energy and Sumitomo Electric Industries is doing the construction, engineering and procurement.

Once functional, the cable will be able carry enough electricity to power up to 380,000 homes.

The progress on the project comes at time of heightened attention on energy security, because of the threat to supplies caused by the Russian invasion of Ukraine.

It may also help to ease pressure on wholesale energy prices here by providing additional supply.