Press release
Minister Ryan welcomes European Investment Bank support for offshore wind port investment
Published on
Last updated on
Published on
Last updated on
The European Investment Bank (EIB) and the Irish Department of Transport today formally announced an advisory cooperation to assess capacity, demand and financing strategies required for the development of ORE (Offshore Renewable Energy) port infrastructure, which is crucial for the development, construction, and long-term operation and maintenance of offshore wind projects in Irish waters and economic activity.
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. Large-scale cost-effective investment is essential to rapidly develop specialist facilities, unlock social and economic development for hinterland energy hubs and harness offshore wind energy.
The new advisory cooperation with the EIB, signed by Minister Eamon Ryan 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 EUR 30 billion in investment in offshore renewable projects in Irish waters.
Eamon Ryan, Minister for the Environment, Climate, Communications and Transport, said:
"Ireland's offshore wind potential is immense, and we are addressing the critical infrastructure needs at our ports to realise this potential. 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."
Ioannis Tsakiris, European Investment Bank Vice President, 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."
Maximising the impact of future port investment
Under the new initiative, experts from the European Investment Bank 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 European Investment Bank 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.
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. 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.
The development of this port infrastructure is essential to unlock the immense potential of offshore wind power generation for Ireland. The government recognises that this potential can only be achieved with national ambition and with 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.
Unlocking port investment to deliver climate goals
Ireland aims to achieve 80% of its electricity generation from renewable sources by 2030 with 5 GW attributable to offshore wind, and a long-term goal of reaching 37GW by 2050. With Ireland’s sea area being seven times that of its land mass, the opportunity is enormous. Ireland is now looking to the ports to enable the delivery of its climate targets, through the facilitation of the development, construction and long-term operation and maintenance of offshore wind projects.
Ensuring Irish transport investment benefits from pan-European experience
The European Investment Bank has a long-standing history of technical and financial support for Ireland, particularly in rail, electric vehicle infrastructure, and urban transport projects. The Bank has also been a key partner in financing renewable energy initiatives, grid expansion, and other transport projects throughout the country.
Background information
EIB Group
The European Investment Bank (ElB) is the long-term lending institution of the European Union, owned by its Member States. It finances sound investment contributing to EU policy objectives. EIB projects bolster competitiveness, drive innovation, promote sustainable development, enhance social and territorial cohesion, and support a just and swift transition to climate neutrality.
The EIB Group, which also includes the European Investment Fund (EIF), signed a total of €88 billion in new financing in 2023 – 90% of it in the European Union. These commitments are expected to mobilise around €320 billion in investment, supporting 400,000 companies and 5.4 million jobs.
All projects financed by the EIB Group are in line with the Paris Climate Accord. The EIB Group does not fund investments in fossil fuels. We are on track to deliver on our commitment to support €1 trillion in climate and environmental sustainability investment in the decade to 2030 as pledged in our Climate Bank Roadmap. Over half of the EIB Group’s annual financing supports projects directly contributing to climate change mitigation, adaptation and a healthier environment.
Approximately half of the EIB's financing within the European Union is directed towards cohesion regions, where per capita income is lower. This underscores the Bank's commitment to fostering inclusive growth and the convergence of living standards.