DUBLIN, Ireland: Taoiseach Micheal Martin has announced the signing of an agreement with France to construct cabling to transfer electricity from France to Ireland.

Enough electricity will be delivered from France to power 450,000 homes in Ireland.

The cable, called an electric interconnector, can transfer 700MW of electricity across 575km from France. The cost of the interconnection project is 1.623 billion euros.

The project was finalized during a signing ceremony between French Minister for Energy Transition Agnes Pannier-Runacher and Irish Minister for the Environment, Climate and Communications Eamon Ryan.

The agreements were signed in Paris.

Developed by EirGrid and RTE France, the Celtic Interconnector is Ireland's first interconnection with mainland Europe.

Construction will be undertaken by Siemens Energy and French cable manufacturer Nexans, and 800 million euros in financing will be arranged by the European Investment Bank, Danske Bank, Barclays and BNP.

Work on laying the cables will begin in 2023, with the cable being operational by 2026. The cable will run the 575 kilometers from the south coast of Ireland to the northwest coast of Brittany.

The Interconnector will travel between the commune of La Martyre in Brittany to the village of Knockraha in County Cork, Ireland.

"The Celtic Interconnector will help bring costs down and increase security of supply for Irish and French energy consumers. It will facilitate the increased use of renewable energy, improve telecommunications security and better integrate European electricity markets. Today marks an important milestone in Ireland's cooperation with its EU partners to ensure a low carbon energy transition," said Taoiseach Micheal Martin in a statement.