EIB to fund ESB's revamp with €250m
Published 18/11/2011 | 05:00
THE European Investment Bank (EIB) is to lend nearly €250m to ESB to help finance an upgrade in the electricity infrastructure here. The EIB will provide €235m as part of a bigger investment programme that will see €470m spent by ESB Networks over two years.
The funding will be used for a programme of upgrades on the infrastructure that will see what the bank called "enhanced transmission and distribution links from wind farms and to improve the efficiency and capability of the electricity networks".
The programme will include the provision of over 270km of high-voltage lines to reinforce transmission links from the southwest, west and northwest to the main population centres in the east.
Meanwhile, the EIB has also agreed terms to lend €90m to UCD to renovate part of its Belfield campus.