The European Union has announced it is to invest €4million in the Celtic Interconnector project.

The scheme involves the development of a potential electrical connection between Ireland and France, utilising subsea cables, with the capacity of approximately 700 megawatts (MW), enough to power 450,000 households.

The project is being jointly developed by EirGrid and its French counterpart Réseau de Transport d’Électricité (RTE), with both parties sharing the costs of the current phase of the project equally.

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The investment was secured under the EU's Connecting Europe Facility.

Fintan Slye, EirGrid Chief Executive, said: "This is a substantial step forward for the project, and a clear endorsement from the European Commission in the Celtic Interconnector, and its potential to integrate the European energy market and secure supply in Ireland into the long term.

"Upon completion of the 'Initial Design and Pre-Consultation' phase next year, EirGrid and RTE, in consultation with the energy regulators in Ireland and France, will decide whether to progress to the next phase of development.

"A final decision as to whether or not to proceed with construction of the project would then be taken in 2020/2021. Should it progress, the interconnector would go live in 2025/2026."

(CD/JP)