The investment was secured under the EU's Connecting Europe Facility. The application was made possible by the status of the Celtic Interconnector as a Project of Common Interest (PCI). Projects with PCI status are recognised as essential for completing the European Internal Energy Market and for reaching the EU's energy policy objectives of affordable, secure and sustainable energy. The interconnector is being jointly developed by EirGrid and its French counterpart Réseau de Transport d'Électricité (RTE), and has, over several years, been supported by Ireland during the EU PCI process which has ultimately made the grant possible. The project signifies a new and welcome phase in Irish-French relations.