£400m Islandmagee gas storage plant gets go-ahead
A £400m gas storage project in Northern Ireland has secured Government funding guarantees, the Treasury has announced.
The facility at Islandmagee, Co Antrim, will be capable of storing up two month's worth of Northern Ireland's total gas requirement.
It was one of 15 infrastructure projects which have "prequalified" for guarantees.
Government agreement to act as guarantor for a proportion of the capital value of a project is intended to encourage private investment.
The UK Guarantee scheme is authorised to issue up to £40bn of guarantees.
Another 40 infrastructure projects, with a total capital value of £33bn, have passed the first hurdle to secure funding guarantees.
Around half the total value is accounted for by the £16bn Hinkley C nuclear power plant, the first in a generation.
The Government predicted that the new Hinkley Point C station, coupled with the prospect of other new nuclear sites, could reduce UK energy bills by an average of £77 a year.