Irish electricity sector gets €500 million injection from EIB

The European Investment Bank (EIB) has announced it will lend €300 million ($438 million) towards the construction of a 256 km electricity interconnector between Ireland and Wales, and $200 million for 248 MW of wind farms.

Ireland meets 95% of its energy needs through imported fossil fuels and the government has an ambitious target of 40% of electricity consumption from renewable sources by 2020.

"Ireland has huge potential for wind power," says vice-president of EIB Plutarchos Sakellaris.

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