18 Jul 2024
€38.4M granted to Port of Cork for expansion of operations
Port of Cork has secured €38.4 million from the EU’s Connecting Europe Facility (CEF) to expand its deepwater site in Ringaskiddy.
This funding brings Cork closer to realizing its potential as an offshore renewable energy hub, attracting global investment to Cork. The area is one of the highest potential wind energy areas in Europe. An emerging Cork Harbour Strategy due in 2024 will capitalise on the additional economic opportunities along the Cork coast.
This key EU funding instrument, promotes growth, jobs, and competitiveness through targeted infrastructure investments in transport and energy.
The investment will allow the Port of Cork to handle more vessels, boost throughput efficiency, and cater to a wider range of international customers. This will solidify its role as a leading player in European and international maritime trade.
“This funding granted by the Connecting Europe Facility marks a significant milestone towards realising our 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.”
Donal Crowley, Interim CEO of the Port of Cork Company
Port of Cork will use the funding to boost its capacity and operations by constructing two berth expansions. These include Ringaskiddy East – Cork Container Terminal Berth Extension (CCT2) and Ringaskiddy West – Deepwater Berth Extension (DWB). The Cork Container Terminal (CCT), opened in 2022 at a cost of €94 million.
“The Port of Cork’s project will be capable of facilitating the Offshore Renewable Energy Industry with full planning permission already in place while both Dublin Port’s project and the Port of Cork’s project also encompass plans for providing infrastructure for the installation of onshore power supply showing how vital they are to our energy future.“
Minister for Transport and the Environment, Climate and Communications Eamon Ryan
About Port of Cork Company
The Port of Cork is the world’s second-largest natural harbour and a key international trade gateway. It is the key seaport in the south of Ireland and one of the three Ports of National Significance (Tier 1) as designated by National Ports Policy.
The National Ports Policy mandates Tier 1 Ports to lead the response in meeting Ireland’s future port capacity requirements. The port is central to national economic growth with national ports handling approximately 90% of all imported and exported tonnage in Ireland.
As a multi-model port it is only one of two ports in Ireland to service all six shipping modes.
For more information on Investing in Cork see HERE.