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Bank of Ireland and the European Investment Bank (EIB) have agreed to finance a €100 million wind farm project by climate solutions company Bord na Móna that will be able to supply up to 55,000 homes with renewable energy.
The new 75 megawatt (MW) windfarm, located at Cloncreen, Co Offaly, will create up to 100 jobs during the construction phase and is due to start supplying renewable energy to the national grid next year. This is the first project under the Renewable Electricity Support Scheme to receive financing and when completed, will be another contribution towards Bord na Móna’s objective to supply approximately one third of Irish homes with renewable energy by 2030.
Bank of Ireland and the European Investment Bank are the Mandated Lead Arrangers for the project financing and each providing 50% of debt.
Eoin McGuinness, Senior Director at Bank of Ireland Corporate Banking, said: “We are delighted to continue our support of Bord na Móna as a leader in the development of renewable energy in Ireland. The company’s green energy strategy aligns with Bank of Ireland’s commitment to sustainable lending and this EUR 50 million funding commitment is one of our largest in the renewable sector to date”.
Christian Kettel Thomsen, EIB Vice President, said: “The European Investment Bank is committed to helping to accelerate renewable energy generation across Ireland and around the world. The EIB is pleased to provide EUR 50 million for Bord na Móna’s latest new wind farm at Cloncreen, alongside Bank of Ireland, that will make a significant contribution to ensuring that 70% of Ireland’s energy is from renewable sources by the end of the decade.”
JP McGrath, Chief Financial Officer and Chief Operating Officer at Bord na Móna said: “Bord na Móna is in the business of climate solutions, using our land and renewable energy resources to create a cleaner, healthier environment for people here and also to help Ireland reach net zero by 2050. Climate action is the work of many decades to come and we are delighted to have the support of our finance partners in Bank of Ireland and the European Investment Bank as we progress this critically important mission”.