ISIF announces Port of Cork partnership
Ireland Strategic Investment Fund and Port of Cork Company announce unique partnership enabling Ireland’s future as a major renewable energy hub.
The Port of Cork Company (PoCC) and The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), are today announcing a partnership to support the development of new port infrastructure in Cork Harbour which will accelerate the deployment of Ireland’s first offshore wind projects, on the east and south coast, for 2030 and beyond.
Today’s announcement of an investment commitment of €88.5 million by ISIF brings certainty to the construction of additional facilities at the Cork Container Terminal (CCT).
Cork will become the first port in the state capable of hosting the large-scale storage and assembly requirements of offshore wind projects. In addition, the investment will also help realise the ambitious plans of the Port of Cork’s MasterPlan 2050 to develop multi-purpose berths in Ringaskiddy to accommodate a larger volume of vessels, while increasing throughput efficiency and ability to serve a broader range of international customers.
Minister for Finance, Jack Chambers TD said:
“I very much welcome today’s announcement of an agreement between the Ireland Strategic Investment Fund (ISIF) and the Port of Cork for an investment commitment of €88.5 million by ISIF that will support the development of critical port infrastructure needed to facilitate the deployment of offshore wind in Ireland.
I note that this investment is important for Ireland’s transition to Net Zero but will also help increase trade and economic activity on the East and South Coast.
I fully support ISIF’s investment in this nationally important ports project under its Climate Action key investment theme towards addressing Irelands 2030 renewable energy targets.”
Donal Murphy, Senior Investment Specialist, ISIF, said:
“This investment will enable major offshore wind projects and deliver valuable new port infrastructure in Cork, benefiting both the region and our wider economy. It’s an investment that’s good for Ireland’s transition to Net Zero but one that also has a catalytic impact in driving more trade and economic activity – not just in Cork Harbour but in the southern region, making it even more attractive as a hub for high-value supply chain activities.
Climate action is one of ISIF’s four key investment themes and this is further proof of our commitment to renewable energy and our capacity to deploy significant capital in this way. It will bring us closer to our stated ambition of deploying €1 billion in climate action projects over a five-year period and we are well placed to exceed this figure some two years ahead of schedule.
We’re delighted to partner once again with Port of Cork, building on our previous €18 million investment and deepening our relationship with a strong business that provides a critical piece of national infrastructure.”
Donal Crowley, Interim CEO Port of Cork Company said:
“At the Port of Cork we have a proud centuries old heritage of connecting Cork to global markets and through this partnership, we can secure our position as a leading global multi-purpose port into the next century. We now have the vital funding required to accelerate the build out of further quay infrastructure to support offshore renewable energy and in turn help Ireland reach imminent 2030 climate targets and beyond.”
The total investment required is in excess of €100 million and the project will be co-funded by the European Union as part of the Connecting Europe Facility (CEF) Transport programme. ISIF’s investment includes a construction working capital facility and the Port of Cork Company itself is also investing in the project.
