EIB backs Limerick regen

The European Investment Bank (EIB) has signed a loan for a regeneration project in Limerick.

The bank will provide €85m over 25 years to Limerick City and County Council to be spent on transforming the 1.62 hectare Opera Site commercial/office development in the city centre.

The Opera Site will be the largest single project in the Limerick Twenty Thirty programme, which established a special purpose vehicle last year to deliver over €500m of transformational infrastructure across key strategic sites.

EIB Vice President Andrew McDowell said: “This will create thousands of new jobs, renovate vacant buildings to provides much needed office space and regenerate historic buildings in Ireland’s third city, as well as reducing energy bills for public buildings.“

Following this record new support for urban investment in Ireland we expect to announce cooperation with further local authorities in the coming months.”

As previously reported, EIB officials have told Irish officials that the bank has an appetite for more PPPs in Ireland, particularly to complete the motorway network.   

Meanwhile, the Limerick Twenty Thirty SPV requires financial management consultancy services, with bids due by 12 January. 

The fifth annual Financing Irish Infrastructure conference will return to Dublin on 11 December. For more information, click here.