The European Investment Bank (EIB) and the Irish Department of Transport have established an advisory cooperation to assess capacity, demand and financing strategies for the development of offshore renewable energy port infrastructure, which is crucial for long-term operation of offshore wind projects in Irish waters.
While no Irish port has the facilities and capabilities required to support large-scale offshore wind projects at present, a number have the capacity to be transformed over the coming years.
Large-scale cost-effective investment is essential to rapidly develop specialist facilities, unlock social and economic development for hinterland energy hubs and harness offshore wind energy.
The new advisory cooperation between Irish authorities and the EIB aims to evaluate the scale and nature of investment needed to upgrade port infrastructure in order to unlock the estimated $33 billion (€30 billion) in investment in offshore renewable projects in Irish waters.
Under the new initiative, experts from the EIB and the Irish Department of Transport will work together to assess both the expected costs of the necessary infrastructure upgrades and the most viable financing strategies to achieve these investments.
The cooperation will also explore opportunities for balanced regional development and the complementary roles of different ports in supporting offshore wind farm construction, ensuring that the benefits of this significant investment are felt across the country.
"Ireland's offshore wind potential is immense, and we are addressing the critical infrastructure needs at our ports to realize this potential.
“This cooperation with the European Investment Bank is a vital step towards ensuring that our ports can support the ambitious offshore wind projects necessary for a sustainable energy future. This initiative will not only strengthen our renewable energy capabilities but also stimulate regional development and create new opportunities across the country,” said Eamon Ryan, Minister for the Environment, Climate, Communications and Transport.