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Mon December 04 2023

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Ireland gets €325m for campus and electricity schemes

21 Nov 11 The European Investment Bank (EIB) has agreed to fund redevelopment work at University College Dublin (UCS) with €90m (£77m) for the ongoing transformation of campus facilities.

In a separate inititative, Ireland’s Electricity Supply Board and EIB have signing a new loan facility that will provide €235m (£201m) funding for ESB’s investment programme to develop electricity network infrastructure in Ireland.

At UCD, funding from the EIB will be used to develop six buildings including the second phase of the science centre, construction of a new law school and refurbishment and construction of student accommodation.The UCD campus development plan 2010–2015 will make the campus more compact, concentrating related activities and separating academic and leisure functions. The overall redevelopment aims to consolidate and enhance this position of pre-eminence by providing future generations with a sustainable, healthy, and living campus.

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“The European Investment Bank is committed to ensuring that world class education and research facilities can help future generations contribute to the European knowledge economy,” said the EIB vice president responsible for Ireland, Plutarchos Sakellaris. “Redevelopment of University College Dublin will benefit students studying on a modern, vibrant and sustainable campus and foster a greater contribution to Ireland and Europe as a whole.”

The loan for the electricity network will provide 50% funding for an investment programme of €470m which is to be delivered by ESB Networks over two years. The programme includes key projects to enhance transmission and distribution links from wind farms and to improve the efficiency and capability of the electricity networks to facilitate greater integration of renewable energy sources. The programme also includes the technical design phase of a national smart metering programme, and the initial phase of installation of charging infrastructure for electric vehicles across Ireland.

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