Irish wind energy gets €100m EU loan

An energy company in Ireland has signed an agreement for a €100 million (£78.5m) loan with the European Investment Bank (EIB). ESB will use the cash to support work to […]

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By Priyanka Shrestha

An energy company in Ireland has signed an agreement for a €100 million (£78.5m) loan with the European Investment Bank (EIB).

ESB will use the cash to support work to connect wind farms in the south-west region to the national grid as well as construct five new substations.

It is the second tranche of a total loan facility of €200 million (£157m) agreed by ESB Networks with the EU bank.

Alex White TD, Minister for Communications, Energy and Natural Resources 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.”

The EIB has supported nearly €2 billion (£1.6bn) of investment in energy infrastructure in Ireland.