Port of Cork to get €38.4m EU grant to develop offshore renewable energy facilities

However, the port, which flagged concerns earlier this year about a €70m funding gap threatening its ambitious plans to fund the works to become a hub for the offshore renewable energy sector, must still source at least another €31m to pay for the works.

But in a statement on Wednesday, the port company said the EU funding announcement positions it “a step closer to realising its potential for offshore renewable energy” with increased capabilities.

The key EU funding instrument, which is designed to promote growth, jobs and competitiveness through targeted infrastructure investment in transport and energy project, has been earmarked to enable the port to accommodate a larger volume of vessel, while increasing throughput efficiency and its ability to serve a broader range of international customers.

The money will help fund the construction of two berth expansions — one called the Ringaskiddy East Cork Container Terminal Berth Extension, and the other called the Ringaskiddy West Deepwater Berth Extension (DWB).

The Ringaskiddy East project will see a 200m extension to the existing container berth, with associated works including dredging, piling, quay deck construction, quayside utilities, and on-shore power supply infrastructure.

The Ringaskiddy West project will involve a 182m extension to the existing deepwater berth, with associated works again including dredging, piling, quay deck construction, quay utilities, and power infrastructure.

The port company’s interim chief executive Donal Crowley said the funding marked a significant milestone towards realising its Masterplan 2050 ambitions, and supporting the crucial development of offshore renewable energy infrastructure.

“We are grateful for this investment, which will play a crucial role in bolstering the Port of Cork’s infrastructure and operating capabilities to help meet the demands of an ever-evolving global shipping industry," he said.

The port is a semi-state company which means it cannot avail of State-aid, and talks are still 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.

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.

The port’s container terminal, which opened at Ringaskiddy in 2022 costing €94m, was also supported by CEF funding, in conjunction with bank financing.