ESB and EIB have signed a loan facility for €100 million. These funds will be used to enable continued investment in the electricity network in the south west region of the country to connect renewable energy to the national transmission network.
This is the second part of a total loan facility of €200m agreed by ESB Networks with the European Investment Bank. The first tranche was signed in December 2013. The new EIB financing will support work to connect wind farms in the south-west into the national grid and the construction of five new substations. This will be through a 20 year loan that reflects the long-term nature of this investment and allows the costs to be spread over the lengthy operating period.