The state have given EirGrid the go-ahead to deliver the crucial infrastructure in three years time.
The 500MW interconnector will connect Ireland and Wales linking Woodland in Co Meath to Deeside in Wales, through a 260km cable. 180km of this cable will be undersea.
It will allow the two-way flow of electricity between both jurisdictions, giving Ireland access to the wider UK market and vice versa.
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"Ireland has the best renewable energy resources in Western Europe," said Minister Ryan.
"This interconnector is about unlocking our wind and ocean resources and selling them to the rest of the world. The competition this will bring and the increased support for renewables will reduce our electricity bills in the long term."
This project will deliver much needed building jobs during the construction phase, and from investment in renewables in the long term.
The €600m project, construction of which will be subject to relevant planning consents, will be financed by EirGrid and the European Union, with the latter contributing €110m.
Minister Ryan said: "The EU's willingness to assist Ireland in this regard recognises the fundamental links which exist between us and our European counterparts. These links are critical in the area of energy supplies and markets, but are also evident in every aspect of our lives.
"This project will benefit Ireland not just now, but for the years to come."
(PR/JM)
