Search En menu en ClientConnect
Search
Results
Top 5 search results See all results Advanced search
Top searches
Most visited pages

    Signature(s)

    Amount
    € 300,000,000
    Countries
    Sector(s)
    Ireland : € 300,000,000
    Energy : € 300,000,000
    Signature date(s)
    15/11/2022 : € 150,000,000
    15/11/2022 : € 150,000,000
    Link to source

    Summary sheet

    Release date
    28 November 2022
    Status
    Reference
    Signed | 15/11/2022
    20180149
    Project name
    Promoter - financial intermediary
    CELTIC INTERCONNECTOR
    EIRGRID PLC
    Proposed EIB finance (Approximate amount)
    Total cost (Approximate amount)
    EUR 300 million
    EUR 1623 million
    Location
    Sector(s)
    • Energy - Electricity, gas, steam and air conditioning supply
    Description
    Objectives

    The project concerns the implementation of a High-Voltage Direct Current (HVDC) link interconnecting France and Ireland across the Celtic Sea. The project will have a rated capacity of 700 MW, DC voltage of 320 kV and a total route length of 575 km, of which 500 km offshore. The offshore route of the project will cross French, British and Irish waters.

    The project will establish the first direct electricity interconnection between the island of Ireland and continental Europe. Ireland is currently interconnected to continental Europe only via Great Britain. The project will thus enable the direct integration of the Irish electricity market into EU's market and improve the operation of the power system under growing shares of renewable power generation. It will help ease generation constraints and allow the evacuation of surplus renewable generation in both directions, thereby helping reduce greenhouse gas (GHG) emissions.

    Additionality and Impact

    The Project is fundamental in the path to decarbonisation of the Island of Ireland. It addresses significant market failures (in particular incomplete markets/imperfect competition, i.e. no direct physical link to mainland Europe) and leads to excellent economic and social benefits. The quality of the Project is also reflected in its robust governance. The Project has a strong policy contribution in that it represents the first interconnector between Ireland and another EU Member State after Brexit. This assists progression towards national and EU climate and energy targets. The sponsors have requested for the Bank to be a cornerstone lender in order to contribute to the long-term financing required by this type of asset, while also mitigating the financial burden on electricity consumers. The EIB contribution also translates into support in raising complementary funds by reassuring other stakeholders that the project is of high quality and its structure appropriate.

    Environmental aspects
    Procurement

    The route of the project is entirely subsea/underground, thus the project does not fall under either Annex I or Annex II of the EIA Directive. The project is subject to various consenting regimes in Ireland, UK and France. According to national legislation, the project was screened in for an environmental impact assessment (EIA) in Ireland and France, while an EIA is not required to support the permitting of the works in UK waters. While the required applications have been filed, the permits have not been granted yet. The actual impacts, including potential negative impacts on sites of conservation importance, and the planned mitigating and/or compensating measures will be reviewed during appraisal.

    The Bank will require the Promoter to ensure that contracts for the implementation of the project have been tendered in accordance with the relevant applicable EU procurement legislation, (i.e. Directive 2014/25/EU) as interpreted by the Court of Justice of the EU, with publication of tender notices in the Official Journal of the EU, as and where required.

    Milestone
    Under appraisal
    Approved
    Signed
    4 October 2022
    15 November 2022
    Link to source
    Summary sheet

    Disclaimer

    Before financing approval by the Board of Directors, and before loan signature, projects are under appraisal and negotiation. The information and data provided on this page are therefore indicative.
    They are provided for transparency purposes only and cannot be considered to represent official EIB policy (see also the Explanatory notes).

    Documents

    Environmental and Social Data Sheet (ESDS) - CELTIC INTERCONNECTOR
    Publication Date
    6 Dec 2022
    Document language
    Main Topic
    Lending
    Document Number
    158819700
    Document Focus
    Environmental Information
    Project Number
    20180149
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now
    Environmental and Social Impact Assessment (ESIA) - CELTIC INTERCONNECTOR - Links to environmental information
    Publication Date
    6 Dec 2022
    Document language
    Main Topic
    Lending
    Document Number
    164957878
    Document Focus
    Environmental Information
    Project Number
    20180149
    Sector(s)
    Regions
    Countries
    Publicly available
    Download now

    News & Stories

    General enquiries and comments

    The EIB is committed to open communication and encourages constructive stakeholder input regarding its activities.
    Enquiries and comments concerning the EIB’s involvement in a project or the financing facilities, activities, organisation and objectives of the EIB, can be sent to the EIB Infodesk.
    Alternatively, the EIB can be contacted through its external offices.
    Queries regarding details of a specific project, in particular when it is under appraisal by the EIB, should preferably be addressed directly to project promoters.

    Media enquiries

    Media-related enquiries can be addressed to the EIB Press Office. Please also visit our Media information section.

    Complaints mechanism

    Any complaint regarding alleged maladministration can be lodged via the EIB Complaints Mechanism. The European Ombudsman acts as an independent external accountability mechanism of the EIB.

    Zero tolerance against fraud and corruption

    The EIB has a zero tolerance policy on fraud or corruption. To report allegations of fraud and corruption relating to EIB-financed projects, please contact the Fraud and Investigation division. All complaints will be treated as strictly confidential and handled in line with the EIB investigation procedures and the Anti-Fraud Policy.

    Related publications