ESB and the European Investment Bank recently signed a new loan facility which will provide 235 million euro in funding for ESB’s ambitious investment programme to develop a smarter and more sustainable electricity network infrastructure in Ireland.
The loan, from the European Union’s long-term lending institution, will provide 50 per cent funding for an investment programme of 470 million euro, which is to be delivered by ESB Networks over two years. The programme includes key projects to enhance transmission and distribution links from wind farms and to improve the efficiency and capability of the electricity networks to facilitate greater integration of renewable energy sources. The programme also includes the technical design phase of a national smart metering programme, and the initial phase of installation of charging infrastructure for electric vehicles across Ireland.
Plutarchos Sakellaris, European Investment Bank Vice President, and ESB Chief Executive, Padraig McManus, in the presence of Minister for Communications, Energy & Natural Resources, Pat Rabbitte signed the loan agreement at ESB Head Office last Thursday.
“The European Investment Bank has a long standing record of positive support for energy investment in Ireland, not only with this present most welcome support for transmission and distribution assets upgrade but with its previous support for construction of wind farms and the development of Aghada power plant, in addition to supporting Ireland’s East-West interconnector,” the Minister said. The main task of the EIB is to contribute towards the integration and balanced development as well as the economic and social cohesion of the EU Member States by making long-term finance available for sound investment.
“Significant and well-planned investment in electricity networks is essential to enable effective use of renewable energy potential, improve energy efficiency through implementation of smart meters, and encourage environmentally-friendly use of electric cars,” Mr Sakellaris said.
