European bank invests in wind power

HALF a billion euro is to be invested in Ireland’s electricity sector by the European Union’s bank.

The massive loan will help construct around 10 new wind farms around the country and part-fund the east-west interconnector due to link the electricity grids of Ireland and Britain.

Energy Minister Eamon Ryan said the investment by the European Investment Bank (EIB) was about the future of Ireland’s energy supply and not the upcoming Lisbon Treaty referendum.