Mr. David McGarry:

I thank the Deputy. It is a very challenging question, but a key one. For Shannon Foynes specifically, our big opportunity is particularly around Foynes, though there are lots of other opportunities in the estuary as well. We probably have about three years before we really need to start developing the island, subject to planning, permitting and all the usual things one would expect before one can start developing that. It is where it will happen for the future, because that is the most appropriate location. That will take €500 million and it is just phase 1 of a much larger development. This is an essential asset for the State and a phenomenal economic and climate opportunity. The State should grab it.

On the funding, I imagine in due course the board of Shannon Foynes will have to talk with the Department of Transport around how it is going to fund that and there are a number of different avenues. They include commercial banks, possibly, depending on who we partner with, and Shannon Foynes probably has to partner with other agencies of the State and maybe third-party private organisations such as infrastructure developers. That would have to be worked through, given the scale of capital required. The ISIF is likely to be a very good supporter and funder. There could be some other public investment funds that could be useful for long-term investment the State can get a return on on a legitimate commercial basis.

This is embryonic. It is new and has not happened before. Looking into the future, the State would probably need to think about something to enable this thing to get off the ground at the scale it needs to. That may be, in some shape or form, by financial guarantees which are limited to some degree for a level of risk that will bring investors and give security to be unwound and released. There is a lot of financial expertise in Ireland, London and in New York than can be brought to bear. Working with Europe in particular, this could be enabled to happen. It is an essential not just for Ireland from a climate and an energy security point of view but is also essential for Europe. There are many common interests. My bet is, given the risks of all of this, there is a need for some sort of guaranteed energy off-take to underwrite the viability of this, and not just on the commercial side of it, for the developers that need to be underwritten to have the off-take in energy to underwrite their investment which is in billions. Shannon-Foynes in itself would need to be supported by State agencies, that is, enablers, to be repaid. That is not to say it would not be on commercial terms, but it needs to be what I would call patient and committed capital. Compared with 20 or 30 years ago, the State now has those kind of tools at hand to enable these opportunities to come about and it can be more open minded than it was in the past. The state aid rules are a challenge and would have to be respected, but the port and the Department of Transport can work with Europe to find solutions to that. I am confident that can be done.