THE Celtic Interconnector will create community funding for East Cork, in addition to its long-term potential for the area and the rest of Ireland.
EirGrid has said it is currently reviewing its community fund, with an announcement to be made early next year, though a spokesperson has described the funding as “sizable”.
The €1bn electricity project will allow for the exchange of electricity between Ireland and France, creating the first of such connections between Ireland and continental Europe.
Earlier this week, EirGrid announced that they had selected a site at Ballyadam as the location for a converter station for the Celtic Interconnector.
The interconnector power cables will run between Claycastle Beach in Youghal and will travel underground to the converter station and on to the substation at Knockraha.
As part of the project, funding will be made available to local communities along the route.
In addition, East Cork will benefit from fibre powered broadband and the importation of enough electricity to power 450,000 homes, making the area a desirable location for businesses and future projects.
Speaking on the benefits for Cork, An EirGrid spokesperson said: “It means that there’s a huge amount of power to be distributed, so it makes the whole Cork area a very strong node in the national electricity network so it’s good from that point of view, and if you have got large organisations looking to move into Ireland, it makes Cork an attractive destination.
“There will also be a fibre optic link attached to the cable so that really improved the whole broadband in the area of Cork.”
Cork East TD James O’Connor has said that the funding will provide a significant amount for community projects in the areas along the route.
He also said that the Celtic Interconnector could coincide with new road projects such as the N25 upgrade.
“The positives that are going to come from this are multiple,” he added.