Budget 2025: Deal announced for the Port of Cork

A €99m financing deal announced in Budget 2025 for the Port of Cork will help to grow the offshore renewable energy sector.

That was the opinion of An Tánaiste Michéal Martin after news broke on Tuesday that a financing agreement had been reached between the Port of Cork and the Ireland Strategic Investment Fund to extend the port’s quay-side berth at Ringaskiddy.

The Cork TD said: “Delighted to see the Port of Cork secure €99m financing from the the Ireland Strategic Investment Fund in Budget 2025. The extension of the quay-side berth at Ringaskiddy will help grow our offshore renewable energy sector and create a more sustainable future.”

This was confirmed during a Budget 2025 speech from Public Expenditure, NDP Delivery and Reform Minister Paschal Donohoe. “The agreement, a €99 million financing package, will allow the Port of Cork to develop multi-purpose infrastructure capable of meeting the requirements of the offshore renewable energy sector.

“The agreement marks a significant milestone in our ongoing commitment to deliver a greener, more sustainable future.”

The news was also welcomed by Cork Chamber. Its CEO Conor Healy said the Port of Cork is on the cusp of significant development to facilitate the offshore renewable energy industry.

“The funding announced today will enable the port to unlock the vast economic benefit that the offshore renewables sector will bring, while also supporting the achievement of our climate targets in the years ahead,” he added.

Meanwhile Minister for Transport Eamon Ryan said: “The development of our ports is key to our future competitiveness, so I am pleased to announce today that a financing agreement has been reached between the Port of Cork and the Ireland Strategic Investment Fund to extend the port’s quay-side berth at Ringaskiddy.

“The agreement, a €99 million financing package, will allow the Port of Cork to develop multi-purpose port infrastructure capable of meeting the requirements of the offshore renewable energy sector. The agreement marks a significant milestone in our ongoing commitment to deliver a greener, more sustainable future.”