The France-Ireland grid interconnection project received €530 million in financing from the European Union

The European Commission (EC) will provide 530 million euros ($580.
4 million) in financing for the Celtic submarine cable project, a roughly 700-megawatt grid interconnection line
connecting the Irish and French power grids.

The €1 billion project is being jointly developed
by EirGrid, Ireland's state-owned electricity transmission operator, and RTE, a French transmission system operator.

According to the plan, the grid interconnection system will build a network of about 575 kilometers of submarine connectivity spanning the Irish Sea to the northwest coast of France, powering about 450,000 homes
.

The Irish government announced on Wednesday that the proposed transmission line could begin as early as 2022 and be completed
by 2026.
The project is expected to help Ireland meet its target
of 70% renewable energy in its total electricity mix by 2030.
The target was set this summer as part of
the government's latest climate action plan.

Once the UK leaves the EU, the Celtic Grid Interconnection project, when completed, will be Ireland's only electricity connection to continental Europe and will give the country access to the intra-European energy market
.

Irish Prime Minister Leo Varadkar commented: "The Celtic grid interconnection system will help reduce electricity prices, reduce greenhouse gas emissions and provide greater energy security
.
”