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Government has held ‘number of discussions’ with Intel on expansion plans - McGrath

Minister for Finance declines to comment on ‘a particular deal’ until it is finalised

Intel is reportedly seeking to finance a chip plant in Leixlip. Photograph: Alan Betson / The Irish Times

Jack Power
Tue May 14 2024 - 12:18

The Government has held a “number of discussions” with Intel on its development plans, Minister for Finance Michael McGrath said, amid reports the chip maker is seeking to finance expansion of its Leixlip operation.

Mr McGrath declined to comment to reporters in Brussels on Tuesday on suggestions the company may be preparing a €10 billion investment in Ireland, adding he would not discuss “a particular deal until the matter is finalised,” he told reporters in Brussels on Tuesday.

“Intel is a very important partner of IDA Ireland and the Irish Government and there have been a number of discussions with the company over the last number of months in relation to their development plans,” he said.

[ Intel in ‘advanced talks’ with Apollo over $11bn funding for new Irish chip facility ]

Those talks included discussions on the role of private sector investment, as well as “what support the Irish Government can provide through IDA Ireland,” Mr McGrath said.

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The US firm has entered exclusive talks with Apollo Global to finance an $11 billion (€10 billion) chipmaking plant in Ireland, as large corporations increasingly turn to private capital groups instead of banks to fund their expansion projects, the Financial Times reported on Monday.

“We’re very anxious to support companies like Intel who are indispensable to the economic success of our country. There is a very close working relationship, so discussions take place on an ongoing basis between the Government, IDA Ireland and Intel in relation to their future development plans,” Mr McGrath added.

Jack Power

Jack Power

Jack Power is acting Europe Correspondent of The Irish Times

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