Brussels, 27/11/2008 (Agence Europe) - The European Investment Bank is lending €175 million to the Electricity Supply Board (ESB) in Ireland towards the construction of a 400MW natural gas-fired power plant alongside an existing 525MW plant at Aghada in east Cork. The new power generating facility at Aghada will be one of the largest and most efficient in Ireland and will help meet the country's growing electricity demand from the residential and business sectors. Energy - reduced environmental impact, increased efficiency, competitive and secure supply - heads the EU agenda and Ireland has set ambitious targets for the sector. In a press release, the EIB highlights the fact that “as well as ensuring energy efficiency and environmental benefits, the new plant in Aghada…will bring economic advantages for the region”. A total of 500 contractor employees will work on the site during construction and after this time the two plants at Aghada will be operated to best practice standards by a combined workforce of 80 people. The project will serve the all-island Single Electricity Market which was established in 2007. With 7 loans worth €642 million, the EIB has been a financing partner for ESB electricity generation, transmission and distribution projects since the 1970s. (O.L./transl.rh)