02 Oct 2024
The recent partnership announcement between the Port of Cork and the Ireland Strategic Investment Fund (ISIF) will accelerate the deployment of Ireland’s first offshore wind projects.
It will support the development of new port infrastructure in Cork Harbour which will accelerate ORE development on the east and south coast for 2030 and beyond.
It commits to €88.5 million in funding by ISIF and brings certainty to the construction of additional facilities at the Cork Container Terminal. It means Cork will become the first port in the state capable of hosting the large-scale storage and assembly requirements of offshore wind projects.
In addition, the investment will also help realise the ambitious plans of the Port of Cork’s MasterPlan 2050 to develop multi-purpose berths in Ringaskiddy to accommodate a larger volume of vessels, while increasing throughput efficiency and ability to serve a broader range of international customers.
Donal Crowley, Interim CEO Port of Cork Company, warmly welcomed the investment.
“At the Port of Cork we have a proud centuries old heritage of connecting Cork to global markets and through this partnership, we can secure our position as a leading global multi-purpose port into the next century, he said.
“We now have the vital funding required to accelerate the build out of further quay infrastructure to support offshore renewable energy and in turn help Ireland reach imminent 2030 climate targets and beyond.”
Donal Murphy, Senior Investment Specialist, ISIF, highlighted the role the investment will play in supporting the fund’s key strategic objectives.
“Climate action is one of ISIF’s four key investment themes and this is further proof of our commitment to renewable energy and our capacity to deploy significant capital in this way,” he said.
“It will bring us closer to our stated ambition of deploying €1 billion in climate action projects over a five-year period and we are well placed to exceed this figure some two years ahead of schedule.
“We’re delighted to partner once again with Port of Cork, building on our previous €18 million investment and deepening our relationship with a strong business that provides a critical piece of national infrastructure.” The total investment required is in excess of €100 million and the project will be co-funded by the European Union as part of the Connecting Europe Facility (CEF) Transport programme. ISIF’s investment includes a construction working capital facility and the Port of Cork Company itself is also investing in the project.
“This agreement marks a significant step forward in our commitment to sustainable energy and economic growth,” concluded Minister for Environment, Climate and Communications Eamon Ryan TD, “and it is the first step in positioning Ireland as a leader in the renewable energy sector as we work towards our 2030 renewable energy targets.
