TUESDAY 29 SEPTEMBER, 2009 |
Ireland Receives $335 Million Loan For Wind Power
Ireland is highly dependent on imported fossil fuels for power generation, but
has huge potential for wind power.
The European Investment Bank
announced yesterday it will assist in tapping this potential by lending the
country up to EUR 500 million to help Ireland secure and green its electricity
EIB will lend EirGrid, a provider of electricity transmission and market
services in Ireland, up to EUR 300 million (AUD 502 million) to assist
with the construction of a 256 km cable between Ireland and Wales. The project
plays an important role in the development of renewable energy as it will allow
the import and export of excess wind power.
ESB, the state owned electricity company of Ireland, will also receive up to EUR
200 million (AUD 335 million) in loans to develop wind
infrastructure in the country. The money will go towards installing
248 megawatts of wind power capacity by 2012, expanding its total wind portfolio
to 600 MW by that year. By 2020, one-third of ESBís generation will be
wind-based. ESB has a goal of becoming carbon-neutral by 2035.
Ireland currently meets 95 percent of its energy needs through imported fossil
fuels. According to the US Energy
, in 2007, the country consumed 2.59 million
tonnes of imported coal for the year and 194,000 barrels of imported oil a day.
Carbon dioxide emissions for the same year came to an estimated 46.86 million
The Irish Government has set a target of meeting 40 percent of electricity
consumption from renewable sources by 2020.
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