Irish
European Investment Bank to lend total of €325m to ESB and UCD
By Finfacts Team
Nov 17, 2011 - 2:39 PM

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The European Investment Bank is to lend a total of €325m to the ESB (Electricity Supply Board) and UCD (University College Dublin).

The EIB is the long-term financing institution of the European Union and its mission is to help implement the EU's policy objectives by financing sound business projects. The bank operates on a "not for profit maximising" basis and borrows on the capital markets to finance these projects. 

The EIB's vice-president Plutarchos Sakellaris said today that the university project is aimed at making the university more competitive in order to attract more students and more researchers.

UCD says the funding will be used to develop six buildings, including the second phase of its Science Centre, a new School of Law and refurbishment of student accommodation.

The ESB is set to sign a new loan facility for €235m with the EIB that will be used to fund 'smart' investment in Ireland’s electricity networks to improve transmission and distribution links from wind farms and to integrate more renewables to the networks.

The loan will provide 50% funding for an investment programme of €470m, which is to be delivered by ESB Networks over two years.

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