Mr. Pat Keating:

For the project, we are looking at developing a new deep-water terminal on Foynes Island – 800 m, a significant quay set down. It would be largest deep-water quay in the country. It is over a number of phases, but phase 1, between the offshore renewable energy, ORE, and the existing port element, if you like, is around €500 million – roughly €300 million for the ORE section and 400 m berth. In parallel with the likes of Ireland Strategic Investment Fund, ISIF, European Investment Bank, EIB, and the Department of Transport, we are examining the funding mechanisms available to us. The Department announced that it will be updating its ports policy this year. Given the scale of this infrastructure relative to the port company’s balance sheet, we will need some kind of new thinking around port infrastructure of scale in certain cases. I am not saying it is open season. However, for certain types of port infrastructure and particularly infrastructure that will assist the ORE sector, it is important that as a country – I know the Department is thinking of this – we relook at how we might fund it and have more State involvement in that, whether it is sovereign guarantees or something else. A few options should be looked at.