Key deals signed for 700-MW Celtic Interconnector

Ireland’s power grid operator EirGrid and its French counterpart Reseau de Transport d’Electricite (RTE) have signed key agreements with contractors and financiers for their 700-MW Celtic Interconnector that will link the southern coast of Ireland and the northwestern coast of France.

Under the agreements, announced today, Siemens Energy AG (ETR:ENR) will develop of converter stations in Ireland and France, while French cable maker Nexans (EPA:NEX) will design and install the 575-kilometre (357-mile) cable.

The grid operators have also signed EUR 800 million (USD 833m) in financing agreements with the European Investment Bank, Danske Bank, Barclays and BNP.

The Celtic Interconnector, the first connection between Ireland and continental Europe, is expected to be built and operational by 2026.

“The Celtic Interconnector is a key part of EirGrid’s strategic goal to transform Ireland’s power system and increase the use of renewable electricity,” said EirGrid chief executive Mark Foley. “Interconnection with France makes the power system more resilient and efficient and allows renewables to become the primary energy source on the national grid,” added Foley.

The project has been designated a Project of Common Interest by the EU and in 2019 was awarded EUR 530.7 million in financing from the Connecting Europe Facility (CEF).

(EUR 1 = USD 1.041)

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