ESB and EIB sign loan facility for €100m

Ireland's electricity utility Electricity Supply Board (ESB) and the European Investment Bank (EIB) have signed a loan facility for €100 million. The funds will be used for continued investment in the electricity network in the south west region of Ireland to connect renewable energy to the national transmission network.

This is the second part of a total loan facility of €200 million agreed by ESB Networks with the EIB. The first tranche was signed last December.

EIB has been a partner to ESB in investing in the Irish electricity infrastructure for many years. Marguerite Sayers, MD of ESB Networks, says: 'Both of our strategies are firmly aligned in terms of sustainability, protecting the environment and developing world class energy infrastructure and we are also aligned in our requirements for commercial long lasting investments. This latest loan will enable ESB to further develop renewable generation in the south west region of the country.'

Jonathan Taylor, EIB's VP, adds: 'Investment in both renewable energy and grid infrastructure is essential to secure the supply of green energy for the future and reduce carbon emissions.'