Positive
Project advancing - milestone achieved
High Impact
Major milestone or critical setback
In November 2022, the Celtic Interconnector reached Final Investment Decision and financial close after the Irish and French regulators issued an updated cross‑border cost allocation decision, enabling the Celtic Board to approve the project and sign EPC contracts for the cables and converter stations. In parallel, EirGrid completed an €800 million debt financing package comprising two €300 million 30‑year term loans from the European Investment Bank and Danske Bank and a €200 million revolving credit facility provided by Barclays and BNP Paribas, securing the long‑term funding needed to move the interconnector into its construction phase from 2023.