The Irish government is to inject €750m into transmission system operator Eirgrid to help it deliver grid connections for Phase 1 offshore wind farms.
The cash will come from the sale of the state’s shares in bank AIB, according to energy department DECC.
“This significant equity injection for Eirgrid will encourage further industrial investment, facilitate the progression of the digital economy, enable decarbonisation of the broader economy and enhance our competitiveness,” it said.
“The signalling of the provision of this funding, to expand the capacity of our electricity grid, will positively impact future investment decisions – currently being considered by both indigenous and multi-national companies.”
Eirgrid is the designated offshore TSO and will take control and operate offshore wind assets for Phase 1 sites.
DECC meanwhile said further investment will be made available as part of a €619m fund for energy transformation to build “capacity across the Department and State agencies will support the development of onshore wind and solar electricity generation, and offshore wind”.
The investments were outlined as part of the country’s national budget.
Wind Energy Ireland chief executive Noel Cunniffe welcomed “several positive funding measures being introduced to accelerate the decarbonisation of our energy supply”.
“To use the renewable electricity being produced by our wind and solar farms, we need a strong electricity grid that can carry the power to our homes and businesses. That is why the funding announced by the Government today is a vital investment in our future.”