ESB has signed a new €1.35 billion credit facility with a syndicate of thirteen banks.

The five year agreement will enable the company to draw down bank finance up to that level to be drawn down as required it replaces a similar facility which was due to expire in two years' time.

The banks participating in the syndicate include Barclays, Ulster Bank, HSBC, Bank of Ireland and AIB.

ESB finance director Donal Flynn said the credit arrangement would help support the company's ongoing investment in energy infrastructure.

Credit facilities differ from loans in that the money is made available by the banks at any stage over the term of the agreement as required by the borrower rather than up front.