The signing of agreements to build a €1.6 billion electricity cable between Knockraha and France has been welcomed as a move which could make Cork the “Saudi Arabia of Europe” in terms of energy exports.

In Paris on Friday, Taoiseach Micheál Martin, Environment Minister Eamon Ryan and French Minister Agnès Pannier-Runacher signed the final agreements to proceed with the Celtic Interconnector project.

Developed by EirGrid and RTÉ France, the Celtic Interconnector is a 575km long underwater power cable linking the south coast of Ireland to the north of France.

The project, due to be commenced in 2023 and completed by 2026, is expected to cost in the region of €1.6 billion, and will be able to import and export enough electricity to power 450,000 homes.

East Cork Fine Gael TD David Stanton said that the Interconnector will help develop Cork as “the energy hub for the country”.

“If we get our offshore wind in place, and bring the electricity ashore from there, we’ll be able to export that electricity using this particular grid and sell it on… Cork could become the Saudi Arabia of Europe in respect of energy and power,” he said.

Fianna Fáil East Cork TD James O’Connor said that “people are very positive in the sense of the overall impact” of the Interconnector on energy costs and industry in Cork, but that some local residents still have concerns about the underground route of the cable once it reaches shore in Cork.

The cable will run from La Martyre in Brittany to Knockraha in East Cork, before continuing underground to a new converter station which will be built at Ballyadam near Carrigtwohill.

Midleton councillor and resident impacted by the current proposed route, Anne Marie Ahern, has implored Eirgrid to “seek a more direct route for the laying of the cables [along the N25] and to not be taking it along residential routes”, citing concerns about the possible impacts of cable radiation on human health and local biodiversity.

A spokesperson for Eirgrid said that the N25 was not chosen as the preferred route due to the possibility of future road upgrading works in the vicinity of the Ballyadam site.

“Given the strategic nature of the cable project and its anticipated lifetime and purpose, we could not contemplate a scenario where the cable would be at risk should the planned road upgrade be subject of future funding,” they said.