Port of Cork set for €88.5m investment

The Port of Cork is to get an €88.5m investment to build new facilities at its container terminal in Ringaskiddy, the Port of Cork Company has announced.

It is part of a new partnership between the port and the Ireland Strategic Investment Fund (ISIF), which first invested €18m in the facility in 2017.

The financial injection is part of the €99m investment into the port announced by Public Expenditure Minister Paschal Donohoe in his budget speech last week.

The project will cost over €100m to complete and will be co-funded by the EU as part of the Connecting Europe Facility transport programme.

It will see Cork become the first port in the State capable of hosting the large-scale storage and assembly requirements of offshore wind projects.

It will also help realise the Port of Cork Masterplan 2050 to develop multi-purpose berths in Ringaskiddy to accommodate a larger volume of vessels, while increasing throughput efficiency and ability to serve a broader range of international customers.

Finance Minister Jack Chambers acknowledged the importance of the investment for Ireland’s transition to net zero while helping to increase trade and economic activity on the east and south coast.

“I fully support ISIF’s investment in this nationally important ports project under its climate action key investment theme towards addressing Ireland’s 2030 renewable energy targets,” he said.

Donal Murphy, senior investment specialist with ISIF, said they are “delighted” to partner again with Port of Cork. “This investment will enable major offshore wind projects and deliver valuable new port infrastructure in Cork, benefiting both the region and our wider economy,” he said.

“It’s an investment that’s good for Ireland’s transition to net zero but one that also has a catalytic impact in driving more trade and economic activity. Not just in Cork Harbour but in the southern region, making it even more attractive as a hub for high-value supply chain activities.”

Donal Crowley, interim CEO of Port of Cork Company, reflected on the port’s centuries-old heritage of connecting Cork to global markets and said that through the partnership with ISIF, the Port of Cork can secure its position as “a leading global multi-purpose port into the next century”.

“We now have the vital funding required to accelerate the build out of further quay infrastructure to support offshore renewable energy and in turn help Ireland reach imminent 2030 climate targets and beyond,” he said.