IREN has obtained a €240m loan from the European Investment Bank for the completion of a regasification plant in Livorno, Italy.
The project was created by the company's subsidiary OLT Offshore Toscana, which holds the permits required for the construction and operation of the facility.
The project includes a floating terminal for the import, storage and regasification of liquefied natural gas, with initial authorised capacity for gas imports of 3.75bn standard cubic metres a year.
A submarine and overland pipeline will connect the natural gas, moored 22km from the Tuscan coast, to the mainland so it can be sent to the national grid.
IREN Group, an Italian multi-utility, holds a 46.8% interest in OLT Offshore Toscana.