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22/10/2013
Larne Lough Project Shortlisted For Govt Guarantee Scheme
A £400 million gas storage facility, proposed to be built under Larne Lough, has been shortlisted for a government funding guarantee scheme.
Under the plans, seven excavated caverns under the lough would hold 60 days worth of imported natural gas.
The project has now been shortlisted for a UK Guarantee scheme, which allows the government to act as a guarantor for part of the value of the project, meaning that banks or potential investors are sure to get their money back should scheme not go to plan.
The Larne Lough project is now at the "prequalification" stage meaning that it is eligible for the scheme.
(MH/CD)
Under the plans, seven excavated caverns under the lough would hold 60 days worth of imported natural gas.
The project has now been shortlisted for a UK Guarantee scheme, which allows the government to act as a guarantor for part of the value of the project, meaning that banks or potential investors are sure to get their money back should scheme not go to plan.
The Larne Lough project is now at the "prequalification" stage meaning that it is eligible for the scheme.
(MH/CD)
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