Ireland’s electricity grid operator EirGrid and its French counterpart Reseau de Transport d’Electricite (RTE) have signed key technical and financial agreements for the Celtic Interconnector.
Contracts have been signed with Siemens Energy for the development of converter stations in Ireland and France; and French cable manufacturer Nexans, which will design and install the 575km cable between the two countries.
Agreements have also been signed for €800m of financing to be provided by the European Investment Bank, Danske Bank, Barclays and BNP.
Developed by EirGrid and RTE, the Celtic Interconnector is a 700MW high-voltage submarine power cable linking the southern coast of Ireland and the northwest coast of France.
The Celtic Interconnector will travel 575km from a substation at Knockraha in East Cork to a substation in La Martyre, Brittany and will be able to import and export enough electricity to power 450,000 homes. It is expected the project will be built and operational by 2026.
Once completed, it will be the first interconnector between Ireland and continental Europe.
The critical nature of this project has been recognised by the EU which has partly funded it and designated it a Project of Common Interest (PCI).
Mark Foley, EirGrid Chief Executive, commented: “The Celtic Interconnector is a key part of EirGrid’s strategic goal to transform Ireland’s power system and increase the use of renewable electricity. Interconnection with France makes the power system more resilient and efficient and allows renewables to become the primary energy source on the national grid.”
Ambroise Fayolle, Vice-President of the European Investment Bank, added: “Investment in cross-border electricity interconnectors is essential to deliver climate and energy goals. The European Investment Bank is pleased to support the Celtic Interconnector as part of our support for climate action and energy security across Europe.”