ESB and EIB sign new loan facility for €100 million

ESB has agreed a loan facility with the European Investment Bank (EIB) for €100 million.

ESB said as well as supporting work to connect wind farms in the south-west into the national grid, the financing will also be used towards the construction of five new substations.

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 last year.

"This latest loan will enable further development of renewable generation in the south west region of the country. I look forward to working with the EIB in the years to come as we ensure our electricity infrastructure remains a world class benchmark for leading technology and wind farm connection," said Marguerite Sayers, incoming managing director at ESB Networks.

Over the last decade the EIB has supported nearly EUR 2 billion of investment in energy infrastructure in Ireland, including the East-West Interconnector and new renewable energy projects.

Speaking at the official signing of the loan facility, EIB's vice president Jonathan Taylor said the bank was pleased to continue years of close cooperation with ESB to support this new investment in Ireland's energy infrastructure.