Arthur Cox advises sponsor on Ireland’s first privately developed interconnector project

Arthur Cox LLP has advised the sponsor on the first privately developed interconnector project in Ireland.

Greenlink Interconnector Limited (GIL) has announced financial close of the Greenlink Interconnector project, a 500MW 190km subsea and underground electricity interconnector that will connect the power grids of Ireland and Great Britain.

The project is the first privately developed interconnector in Ireland and the first supported under a cap and floor regime. The interconnector links Wexford in Ireland with Wales in the UK and represents a total investment of over €500 million.

Arthur Cox advised Greenlink on the Irish aspects of the development, construction and financing of the interconnector, with Linklaters LLP advising on the UK aspects.

The interconnector is the first transmission infrastructure in Ireland constructed by anyone other than the State-owned transmission system operator (EirGrid) and transmission asset owner (ESB). Because of this, it required novel regulatory structures to be developed in order to access system revenue streams that have historically been reserved for the State owned entities.

It is also only the second interconnector project constructed in Ireland, with Arthur Cox LLP having also advised the sponsor on the development and financing of the first interconnector project in the state, the €600m 500MW HVDC East West Interconnector developed by EirGrid.

The Arthur Cox team was led by energy partner Alex McLean and finance partner Matt Dunn, supported by corporate partner Sophie Frederix and construction partners Niamh McGovern and Karen Killoran. The team also comprised associates James Downey, Gillian Carragher, Ciara Cosgrave and Fiona Egan.

ByrneWallace acts in PRS sale of 54 apartments in Finglas

ByrneWallace LLP has acted in the PRS  sale of 54 apartments in the Prospect Hill development, Finglas to a European investor.

The portfolio consists of 49 two-bedroom apartments – 30 of which are duplex – and five one-bedroom apartments distributed across five blocks at the scheme.

The sale also included an opportunity to provide eight additional apartments, as planning permission has been granted to convert six retail units and a medical unit into five two-bed apartments, two one-bed, and one three-bed.

The ByrneWallace LLP team advising on the transaction included partner Neil Dunne, assisted by solicitor Robert Fetherstonhaugh and trainee solicitors Kate Crotty.

Arthur Cox advises Irish fintech on acquisition by JP Morgan

Arthur Cox has advised Irish fintech company Global Shares plc, which manages employee stock plans for some of the world’s biggest companies, on its acquisition by JP Morgan.

The transaction is subject to regulatory approvals and is expected to close in the second half of 2022.

The Arthur Cox team was led by Cian McCourt, partner and head of the corporate and M&A team, and corporate and M&A partner Sophie Frederix.

They were supported by Aya Aboulatta, Graham Murtagh and Rory Duggan in corporate and M&A, Rob Corbet, Olivia Mullooly, Aoife Mac Ardle, and Alison Peate in technology and innovation, Imelda Shiels in banking, Sarah Thompson and Belinda Tang in financial regulatory, Louise O’Byrne and Grace-Ann Meghen in employment, Sarah McCague and Katie Lawless in pensions, and David Kilty and Dearbhla O’Gorman in tax.

Philip Lee advises on sale of Kerry-based chocolatier

Philip Lee has advised the owner of Kerry-based chocolate and confectionery producer Skelligs Chocolate on its sale to a business entity connected to the McKillen Corporation.

Skelligs Chocolate currently employs approximately 25 people and makes a range of confectionery for the Irish market that is sold at retail outlets such as Avoca and Brown Thomas.

Colm Healy has sold the trading business and also the Kerry property from which it operates as part of the deal.

McKillen Corporation intends to continue making chocolate at the business and has appointed Breffney O’Dowling Keane as the new chief executive of Skelligs Chocolate.

A Philip Lee team led by Bernard McEvoy and Keelin Gavagan acted for Colm Healy on the transaction.

LK Shields advises P3 Hotel Software on investment

LK Shields Solicitors LLP has advised P3 Hotel Software Limited on an investment procured by BVP Investments Limited as part of a wider funding round.

P3 Hotel Software Limited’s business is the development of software applications and allied services addressing process efficiency and optimisation in hotels.

The LK Shields team was led by partner Emmet Scully, supported by associates Kris O’Shea and Cian O’Lionaird.