The European Investment Bank and the Department of Transport have formally announced an advisory cooperation agreement to assess capacity, demand and financing strategies required for the development of Offshore Renewable Energy port infrastructure.
The Department of Transport said this is crucial for the development, construction, and long-term operation and maintenance of offshore wind projects in Irish waters and economic activity.
While no Irish port has the facilities and capabilities required to support large-scale offshore wind projects now, a number have the capacity to be transformed over the coming years.
But 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.
Under the new initiative, experts from the EIB and the 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 Department noted that it marked a significant milestone in the country's renewable energy journey and underscores the importance of strategic investment in port infrastructure to unlock the full potential of offshore wind energy in Irish waters.
The advisory initiative will also involve project-level advisory to five ports around the country that are expected to play a role in the deployment of offshore renewable energy projects.
The new advisory cooperation with the EIB was signed by Minister Eamon Ryan and EIB Vice President Ioannis Tsakiris in Dublin today.
It aims to evaluate the scale and nature of investment needed to upgrade port infrastructure in order to unlock the estimated €30 billion in investment in offshore renewable projects in Irish waters.
"Ireland's offshore wind potential is immense, and we are addressing the critical infrastructure needs at our ports to realise 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," Eamon Ryan, Minister for the Environment, Climate, Communications and Transport, said.
"This initiative will not only strengthen our renewable energy capabilities but also stimulate regional development and create new opportunities across the country. It also goes hand in hand with our efforts to decarbonise the entire transportation sector with key projects such as MetroLink," the added.
Ioannis Tsakiris, European Investment Bank Vice President, said the bank is committed to supporting Ireland's transition to a low-carbon economy.
"This new advisory partnership with the Irish Department of Transport will help to ensure that the necessary port infrastructure can be developed to unlock offshore wind energy in Ireland. This initiative will play a critical role in helping Ireland meet its renewable energy targets and will contribute to the broader European Green Deal objectives," he added.
