Port of Cork calls for 'innovative financing solutions' to bridge €70m funding gap for offshore wind facilities
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The Port of Cork has called for “collaborative efforts and innovative financing solutions” to help bridge a €70m funding gap which threatens its ambitious plans to develop its facilities for the offshore renewable energy sector.
It made its comments after Environment Minister Eamon Ryan said the Government would be “pressing the go button very soon” on the development, despite ongoing uncertainty over the financing of the multi-million project.
Mr Ryan told the the Government “wants and will see” the Port of Cork developing as a deployment port for renewable power, with the required infrastructure in place “within two to three years”, despite uncertainty over how the expansion of the port’s Ringaskiddy facilities will be financed.
The Port of Cork is the only Irish port with planning in place to build out its infrastructure to help facilitate the development of the offshore renewable energy sector. The planning expires in October 2025.
It went public on the funding concerns earlier this year after it emerged logistics firm Doyle Shipping Group opted out of proceeding with the redevelopment of its Verolme dockyard facilities in Cork Harbour to service the offshore renewable energy sector amid its own concerns about the commercial viability of that project in the absence of State grants.
The port is a semi-State company which cannot avail of State-aid, and intense talks are under way between Department of the Environment officials and the Port of Cork about a possible funding package from the Irish Strategic Investment Fund, money which would have to be borrowed at commercial rates.
In a statement to the , the Port of Cork company welcomed the minister’s comments "signalling imminent progress”.
“The minister's vision for the Port of Cork as a central hub for renewable power deployment and industrial development is one we share and are fully committed to realising,” it said.
“The investment will enable Ireland to move a step closer to achieving its 2030 climate targets.
It said it was particularly encouraged by the recognition the port would play a "pivotal" role in the initial phase of offshore wind projects, ensuring turbines are shipped out of Cork as these projects commence.
“This aligns with our strategic objectives and as the only Irish port with full planning permission for this, the Port of Cork is eager and ideally positioned to proceed.” However, it said "it is crucial to address the funding gap that remains" to fully realise its ambitious plans.
“Collaborative efforts and innovative financing solutions will be essential to bridging this gap and enabling us, as the minister stated, to ‘press the go button very soon’ on this critical infrastructure.”
Research published last week warned Ireland may not be able to meet renewable energy targets mainly because Irish ports will have the facilities energy companies need to ship offshore windfarm infrastructure to the installation sites.
The research from Dublin City University said "a few monumental challenges" had been identified — the main one being ports.
The research says at least two ports are needed to deliver Ireland's 2030 targets — under the assumption that building begins by 2026.