SONI launches the next phase of its significant investment programme in Northern Ireland’s electricity Transmission System.
The electricity Transmission System, or grid, brings power from where it is generated to where it is needed and also powers Northern Ireland Electricity’s networks distribution system, which in turn, supplies electricity to homes, farms and businesses.
As Transmission System Operator in Northern Ireland, SONI is responsible for the operation, management, development and planning of the electricity Transmission System in a safe, secure, reliable, economical and efficient manner.
“All of society will benefit through the continued decarbonisation of Northern Ireland’s electricity generation fleet”
Under SONI’s “Shaping our Electricity Future” framework, it sets out the network, market and operational changes required to deliver Northern Ireland’s renewable power transition, setting a target to operate a power system with 80% renewable energy sources by 2030 in line with legislation, and targets set in Northern Ireland’s Climate Change Act (2022).
Powering tomorrow
Work is also required to ensure the grid infrastructure is appropriately invested to accommodate a forecast 24% increase in electricity demand in Northern Ireland by 2031 due to the increased use of electric vehicles, heat pumps, data centres and new tech loads seeking to connect to the grid.
Bank of Ireland and Barclays’ Corporate Banking Team have put in place a £60m senior debt club facility that will enable SONI to execute its investment plan.
“We are delighted to advance this significant funding package to SONI to assist with delivery of its future strategic objectives, which are centred around further development and upgrade of Northern Ireland’s electricity Transmission System” said Colm Moane, Associate Director, Corporate Banking Northern Ireland.
“Having significant relationships with energy market participants across the island of Ireland, Bank of Ireland has a deep understanding of the sector, and are cognisant of our role in assisting operators with the important transition to a net zero economy. We look forward to working closely with the SONI team in the years ahead and wish them well in their endeavours.”
Since 2009, SONI has been part of the EirGrid Group. SONI also operates the all-island wholesale electricity market with EirGrid through the Single Electricity Market Operator (SEMO) which has been in operation since November 2007.
“As Northern Ireland’s Transmission System Operator, SONI plays a key role in supporting the delivery of the Northern Ireland Energy Strategy which sets challenging renewable energy targets by 2030,” said SONI’s Head of Finance and Legal, Frank O’Connor.
“Over the coming years, SONI will need to make key crucial strategic investments on the transmission system and we are pleased to be able to work with Bank of Ireland and Barclays as trusted financial partners who understand the energy system and our needs as the grid operator.”
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