The European Investment Bank (EIB) and the Irish Department of Transport have announced an advisory cooperation to assess capacity, demand and financing strategies required for the development of ORE (Offshore Renewable Energy) port infrastructure to support offshore wind projects in Irish waters.
The agreement, signed by Minister Eamon Ryan (pictured) and EIB vice president Ioannis Tsakiris in Dublin, aims to evaluate the scale and nature of investment needed to upgrade port infrastructure in order to unlock the estimated €30bn in investment in offshore renewables projects.
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, said the government.
Large-scale cost-effective investment is essential to rapidly develop specialist ORE facilities, unlock social and economic development for hinterland energy hubs and harness offshore wind energy, it added.
“Ireland’s offshore wind potential is immense, and we are addressing the critical infrastructure needs at our ports to realise this potential,” said Ryan.
He added: “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.
“It also goes hand in hand with our efforts to decarbonise the entire transportation sector with key projects such as MetroLink.”
Tsakiris said: “The European Investment 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.”
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.
The new partnership between the EIB and the Irish Department of Transport marks a significant milestone in Ireland’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, said the government.
“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,” said the Irish Department of Transport.
“These are representative of a range of characteristics across scale, operations, target market, ownership structure and geographic location.
“The lessons from the successful development of these ports are expected to act as exemplars for wider offshore renewable energy port infrastructure investment around Ireland.”
Dublin added the development of this port infrastructure is essential to unlocking the potential of offshore wind power generation for Ireland and this can only be achieved with national ambition and a long-term approach.
“In this regard the Future Framework for Offshore Renewable Energy and Powering Prosperity – Ireland’s Offshore Wind Industrial Strategy represent the clear strategic vision of the Government to maximise the financial and economic return of offshore renewable energy to the State and local communities,” it said.
The country aims to achieve 80% of its electricity generation from renewable sources by 2030 with 5GW attributable to offshore wind, and a long-term goal of reaching 37GW by 2050.