The European Investment Bank, the European Union's long-term lending institution, and Electricity Supply Board (ESB), have signed a EUR 95 million (IEP 75 million) loan facility for 15 years for the natural gas power station at Poolbeg, Dublin, Ireland.

The project consists of a 465 MWe combined-cycle power station located on the existing Poolbeg power plant site. The loan is for the new power station's second unit and the third and final combined cycle unit which is due to be completed by the end of this year. It is powered by natural gas, with the possibility of distillate fuel back-up firing. Gas supplies to Ireland are assured through the UK-Ireland gas interconnector, supported with an ECU 132 million EIB facility in 1993.

The European Investment Bank, the European Union's long-term lending institution, finances capital investment furthering EU integration, in particular: regional development; trans-European networks in transport, telecoms and energy; industrial competitiveness and integration; SMEs; environmental protection; and energy security. It also operates outside the EU within the framework of the EU's co-operation external policy. Owned by the Member States, the EIB raises its funds on capital markets (AAA issuer).


1 EUR = 0.705455 GBP, 0.787564 IEP.