Irish gas infrastructure secures €100 million financing

An investment has been secured to modernise and extend Ireland’s gas infrastructure. This will include the completion of a gas interconnector project between Scotland and Ireland.

The upgraded infrastructure aims to facilitate gas innovation projects such as renewable gas and Compressed Natural Gas (CNG) which, according to Gas Networks Ireland (GNI), will play a role in decarbonising the Irish economy.

The news comes as GNI has agreed a €100 million financing facility with the European Investment Bank.

According to a statement from GNI, the project will benefit over 700,000 customers nationwide.

Natural gas currently provides over a third of Ireland’s energy requirements and helps to generate over 50% of Ireland’s electricity.

Commenting on the announcement, Richard Bruton, Minister for Communications, Climate Action and Environment, said: “We have recently announced funding for a Gas Networks Ireland renewable gas project.

It is my belief that these investments will have a lasting economic and environmental benefit for Ireland.

Organisations such as the International Energy Agency, to the Sustainable Energy Authority of Ireland have stressed the importance of the gas network in reducing our carbon intensity.

Denis O’Sullivan, Gas Networks Ireland’s managing director, added: “This finance is a further endorsement of our strategy to provide Ireland with a secure and competitive energy supply while also playing a major role in decarbonising our economy.”