The Port of Cork is to get an €88.5 million investment to build new facilities at its container terminal in Ringaskiddy.
It is part of a new partnership between the port and the Ireland Strategic Investment Fund (Isif), which first invested €18 million in the facility in 2017.
It is understood the financial injection is part of the €99 million investment into the port announced by the Minister for Public Expenditure and Reform Paschal Donohoe during his budget speech on Tuesday.
The project will cost more than €100 million to complete and will be co-funded by the EU.
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Interim chief executive at the port, Donal Crowley, welcomed the investment saying it provides “vital funding” needed to carry on building quay infrastructure at Ringaskiddy and to support offshore renewable energy development.
Senior investment specialist in Isif Donal Murphy said the project supported the county’s transition to a net zero economy but also had an “impact in driving more trade and economic activity”.
The Port of Cork will be the first port in the country to have both assembly and storage facilities for offshore wind projects.
It is the second largest harbour in the world after Sydney. In 2023, the port and Bantry saw total traffic of 9.5 million tonnes of products.
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