About
AQUIND Energy S.à r.l. is a Luxembourg-registered private holding and investment vehicle that sits at the top of the Aquind corporate structure. It owns 100% of the 330,001 ordinary voting shares in Aquind Limited, the UK project company developing the proposed AQUIND Interconnector. AQUIND Energy was initially wholly owned by Russian-born businessman Viktor Fedotov, and in early 2021 another Luxembourg company, Energy Stream Investments S.à r.l., acquired 50% of its shares; Energy Stream Investments is wholly owned by UK citizen Alexander Temerko. This gives Fedotov and Temerko equal 50:50 control over AQUIND Energy and, through it, joint control over Aquind Limited’s voting shares.
Within this structure, AQUIND Energy is part of a wider network of related entities used to finance the development of the AQUIND Interconnector. Project Finance Group S.A., another Luxembourg company owned by Fedotov, consolidated most of Aquind Limited’s outstanding shareholder loans and in May 2021 received 17 million redeemable preference shares in Aquind Limited in exchange for £17 million of debt. These preference shares are non-voting but are classified as equity, helping to address Aquind Limited’s accumulated shareholders’ deficit arising from years of development losses. The overall Aquind group, backed by substantial related-party loans and equity from these Luxembourg vehicles, is seeking to deliver a complex cross-Channel high-voltage direct current interconnector and associated high-capacity telecommunications system with an estimated budget of about £1.3 billion and a 5–7 year development and construction timetable, although AQUIND Energy itself functions primarily as the parent and financing conduit rather than as an operating company.
