Funding of €38.4m will 'play a crucial role' in  bolstering the Port of Cork’s infrastructure

The Port of Cork Company (POCC) has welcomed funding of €38.4m from the EU Connecting Europe Facility (CEF) programme for the construction of two quay berths at its deepwater site in Ringaskiddy.

The Connecting Europe Facility is a key EU funding instrument to promote growth, jobs and competitiveness through targeted infrastructure investment in the fields of transport and energy at European level.

The funding is earmarked to enable POCC to accommodate a larger volume of vessels, while increasing throughput efficiency and ability to serve a broader range of international customers, reinforcing PoCC’s position as a key player in European and international maritime trade.

Milestone

Interim CEO of the POCC Donal Crowley, said: “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.”

Port of Cork will invest the funding in the construction of two berth expansions: Ringaskiddy East - Cork Container Terminal Berth Extension (CCT2) - and Ringaskiddy West - Deepwater Berth Extension (DWB).

PoCC’s Cork Container Terminal (CCT) which opened at Ringaskiddy in 2022 costing €94m, was also supported by CEF funding, in conjunction with EIB and AIB National Bank financing.

Hub

Cork Chamber director of public affairs Cathal McSweeney said: “Today’s announcement of €38.4m in EU funding for the Port of Cork is a very welcome development. Particularly as we look towards Cork’s development as a hub for the offshore renewable energy sector and to the achievement of our national climate targets ahead of 2030.

“However, a substantial gap remains in the circa €70 million funding needed to complete these infrastructure projects and meet our targets.

“The Port of Cork is currently the only port in Ireland with planning permission to develop the infrastructure needed to facilitate the offshore renewable industry.

“Realising Cork’s full potential as an offshore renewables hub presents us with the economic opportunity of a generation, not just for Cork but for Ireland as a whole.

“The government must now commit public funds to bridge the rest of this gap and ensure that this opportunity is not lost.”