The ESB is to invest over €3 billion in the electricity network over the next five years, it was announced today.
The company said it had secured a loan facility from a syndicate of 19 Irish and international banks of €1.2 billion. This cash, the ESB said, would enable it to fund improvements to the system and connect new customers.
The new facility will provide stand-by financing to ensure liquidity is constantly available in addition to meeting funding requirements, estimated at up to €500 million for the next 12 months.
ESB group finance director Bernard Byrne announced the successful finalisation of the deal, which refinances approximately €900 million of existing facilities.
"The very positive response from the banking market is evidence of the high regard in which the company is held internationally," Mr Byrne said.
