Equitix, MDM and Orange Form Joint Venture to Deliver Pisces Subsea Cable System with EU Backing

Equitix, a leading European small to mid-market infrastructure investor, Irish subsea cable developer MDM, and global telecommunications operator Orange have announced the formation of a joint venture to deliver the Pisces project, a new subsea cable system establishing a direct high-capacity digital connection between Ireland and continental Europe. Carine Romanetti, a recognized subsea expert, has been appointed CEO of PISCES Cable System Limited Joint Venture.

The Pisces cable will stretch approximately 3,125 kilometers with 16 fiber pairs, connecting Galway in Ireland, Saint-Hilaire-de-Riez in France, Sopelana in Spain — where a new landing station will be built by Orange — and Carcavelos in Portugal. The project aims to fulfil Ireland's digital connectivity ambitions and support the objectives of the European Union's Digital Global Gateway Strategy, benefiting from significant funding support through the EU's Connecting Europe Facility.

The system seeks to address the lack of direct connectivity between Ireland and mainland Europe by providing a high-capacity, open-access and scalable dark fiber strategic link from Ireland's west coast directly to France, Spain and Portugal. Ireland is a major European cloud and datacenter hub for many players including hyperscalers and AI actors, and Pisces will enable direct traffic interconnection across datacenters and continental Europe. By increasing capacity and diversifying routes, the cable will strengthen the resilience of Ireland's digital infrastructure and its links with European and global networks, interconnecting with existing transatlantic and international systems.

The marine survey for the route, conducted by Elettra Tlc and Orange Marine, subsidiaries of Orange, was completed in August. Engineering and permitting processes are now underway, with deployment preparations progressing and the cable expected to be deployed during 2028.

Valérie Cussac, CEO of Orange Wholesale International, said: "As Europe accelerates its AI ambitions, subsea infrastructure along the Atlantic coast becomes more critical than ever. At Orange, we are convinced that building trusted, high-capacity routes in partnership with like-minded stakeholders is the backbone of Europe's AI-driven future. Pisces reflects this commitment, connecting Ireland, France, Spain and Portugal to reinforce trust across the continent while powering the AI highways that will support sustainable, inclusive growth for generations to come."

Achal Bhuwania, Chief Investment Officer at Equitix, said: "Delivering the connectivity Europe needs will require sustained investment in critical digital infrastructure. Pisces is a strong example of what can be achieved by working in partnership across Europe to turn that ambition into reality, strengthening resilience and supporting the continent's future growth and success."

Tom McMahon, Managing Director of MDM, said: "Pisces reflects years of hard work and close collaboration with Orange and Equitix, underpinned by a shared commitment to engineering excellence. With the support of the European Union, we are proud to see that collective effort bring the project to this important milestone."

Carine Romanetti, CEO of PISCES Cable System Ltd, said: "I am delighted to take on the role of CEO at such an important stage in the project's development. With the support of our shareholders and co-funding from the European Union, Pisces represents a unique opportunity to strengthen Europe's digital connectivity and resilience through critical subsea infrastructure."

The investment is being made through Equitix Infra Ireland, the firm's dedicated Irish greenfield infrastructure fund, which is backed by anchor investor the Ireland Strategic Investment Fund, alongside Equitix, Orange and MDM. The project underscores the growing strategic importance of subsea cable infrastructure in supporting Europe's digital sovereignty, datacenter interconnectivity and AI-driven growth.