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on the grid
European loan of €100 million to give power to the south-west
The money is the second part of a €200 million ESB agreement with the European Investment Bank.
THE ESB HAS today signed a loan facility for €100 million with the European Investment Bank.
This deal will see investment focused on development in the south-west region of the country – aiming to create better connectivity to renewable energy sources.
Funding was agree for the loan deal back in November 2011. It was hoped then that the investment would bring a “smarter and more sustainable electricity network to Ireland”.
This agreed loan facility from the EIB extends to €200 million, the first €100 million of which was received in December last year.
The EIB is owned by EU member states and provides long term investments in projects deemed to be in keeping with EU policy goals.
Investment in Ireland
The bank has provided €2 billion worth of funding into energy infrastructure in Ireland over the past 10 years. This investment has included development of the East-West Interconnector and renewable energy projects.
Speaking about the investment today, Minister for Communications Alex White said, “Ireland supports the EIB ‘s strategy of funding sound and sustainable investment projects that contribute to furthering EU policy objectives – like these ones, which will help ensure the development of a secure and sustainable energy network in Ireland.”
Vice President of the EIB, Jonathan Taylor, said:
Investment in both renewable energy and grid infrastructure is essential to secure the supply of green energy for the future and reduce carbon emissions.
In a submission on Government’s renewable energy policy, the ESB has recommended that State support should be withdrawn for the services after 5 years – and that resources could be better spent on emission trading schemes.
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