National grid UK has signed a contract with Element Power to provide electricity to Britain from Ireland through two subsea cables as part of an €8 billion renewable energy investment.

The new grid connection, which was awarded to global renewable energy developer Element Power, will create 10,000 construction jobs on both sides of the Irish Sea, the company said.

A further 2,000 full-time jobs are expected to be created in Ireland by 2018 in the operation, maintenance and serving of 40 new wind farms in the midlands according to Element Power.

Element Power Ireland CEO, Tim Cowhig commented, “The UK energy requirement has become Ireland’s opportunity, it makes perfect sense to capitalise on our geographic location and create an export industry”.

Element Power said it is in consultation with An Bord Pleanala about making a planning application under the terms of the Strategic Infrastructural Development Act 2006.

Due to dwindling North Sea gas reserves as well as ageing coal and nuclear power stations, the UK faces a looming energy deficit.

The UK needs 30,000 megawatts of new wind generation to meet its target of 15 per cent of all energy coming from renewable sources by 2020 and is currently consulting on trading renewables with neighbouring countries.