Advised EirGrid on its €800m debt financing of the Celtic Interconnector

Goodbody acted as sole financial advisor to EirGrid on its €800m debt financing of the Celtic Interconnector

EirGrid plc
Transmission System Operator for Ireland and Northern Ireland

EirGrid is an Irish commercial semi state company. It has operated, planned and developed the national high voltage electricity grid in Ireland since 2006 and in Northern Ireland via its subsidiary SONI (operating since 2009, planning since 2014). Its goal is to deliver a safe, secure and reliable supply of electricity. EirGrid is also the Single Electricity Market Operator (SEMO) in Ireland and Northern Ireland (via SONI), through which it is responsible for the settlement of the single electricity market. EirGrid owns and operates the East West Interconnector, a 500 MW subsea HVDC link between Ireland and Great Britain.

EirGrid raised €800m of debt to fund the Celtic Interconnector through a €600m term loan provided by the European Investment Bank and Danske Bank and a €200m RCF provided by the Barclays and BNP. Developed by EirGrid and the French grid operator, Réseau de Transport d’Électricité, the interconnector is a 700 MW submarine power cable linking Ireland and France and will re-connect Ireland into the EU electricity market. The interconnector will help to strengthen Ireland's security of supply and is vital to the continued development of renewable energy in Ireland.