EirGrid Plc has appointed a consortium led by business advisory firm Deloitte to provide it with financial and legal services on the East-West Interconnector Project.

The Deloitte-led consortium, which includes law firm Arthur Cox, will coordinate the design and execution of a funding competition to secure finance for the Interconnector, as well as providing corporate finance and legal advice. The consortium was appointed following a public tendering process.

John Fitzgerald, East-West Interconnector Project Director with EirGrid, said: “We are pleased to have a consortium with the expertise of Deloitte and Arthur Cox on the team. The Interconnector is a major capital investment project and the consortium will design and manage a competition to optimise the funding terms from the market. It will also act as advisor on funding options that will minimise the project’s total lifecycle costs.”

The Interconnector will enable the two-way transmission of power under the Irish Sea by connecting the transmission systems in the Republic of Ireland and Wales. Grid connection points have been secured in both countries.

It will be approximately 250 km in length and capable of transmitting 500 megawatts of electricity between Ireland and Wales. With the demand for energy estimated to grow at an average yearly rate of between 2.7% and 3.6% over the next seven years, the interconnector will contribute to improving the security of energy supply in Ireland.

One of the reasons for the consortium’s selection is its experience in the utility and power sectors. Deloitte provides services to the majority of the world's largest regulated utilities and, globally, has over 15 dedicated service lines to the electricity industry. Arthur Cox has one of the largest energy and resources practices in Ireland and has been involved in almost every major energy and resources sector development in recent years.

Michael Flynn, Partner, Deloitte Corporate Finance said: “We are delighted to be given the opportunity to be involved in this important project and to work with EirGrid and Arthur Cox in finding the optimum way to bring it to fruition. The interconnector will be fundamental to ensuring a consistent and secure energy supply in Ireland and our team is committed to helping EirGrid achieve that in the most cost effective way possible.”

ENDS

About Eirgrid
EirGrid Plc is the independent electricity Transmission System Operator in Ireland and the Market Operator in the wholesale electricity trading system.

EirGrid is responsible for operating Ireland's national electricity transmission system - otherwise known as the national electricity grid. It is a state-owned company.

About Deloitte
Deloitte’s 1,000 people in Dublin, Cork and Limerick provide audit, tax, consulting, and corporate finance services to public and private clients spanning multiple industries. With a globally connected network of member firms in 140 countries, Deloitte brings world class capabilities and deep local expertise to help clients succeed wherever they operate.

Deloitte's 150,000 professionals are committed to becoming the standard of excellence. Deloitte's professionals are unified by a collaborative culture that fosters integrity, outstanding value to markets and clients, commitment to each other, and strength from diversity. They enjoy an environment of continuous learning, challenging experiences, and enriching career opportunities. Deloitte's professionals are dedicated to strengthening corporate responsibility, building public trust, and making a positive impact in their communities.

About Arthur Cox 
Arthur Cox is widely regarded as the leading law firm in Ireland. It employs over 300 lawyers and a total staff almost 650, with offices in Dublin, Belfast, London and New York. Arthur Cox has the largest dedicated Banking & Finance and Energy practices on the island of Ireland and is consistently ranked by every major independent legal directory as having leading practices in these areas.