Bank of Ireland’s €90m Wind Energy Investment
Bank of Ireland has allocated €90 million in financing for two significant renewable energy projects across the UK and Ireland.
A substantial portion of the funding, €50 million, has been provided to the Neart na Gaoithe Scottish offshore wind energy project. This 450-megawatt venture, a joint venture between EDF Renewables UK and Ireland’s ESB, will generate power for approximately 375,000 homes. Bank of Ireland has joined an international lending syndicate to support the wind farm.
Bank of Ireland has also expanded its lending commitment to ESB’s Raheenleagh 35 MW onshore wind farm in Co Wicklow, increasing it to €40.7 million. The wind farm, which commenced operations in 2016, was initially co-funded by Bank of Ireland and another lender. A recent refinancing arrangement has allowed the bank to more than double its lending commitment and become the sole project lender for Raheenleagh.
Bank of Ireland’s Renewable Energy Commitment
Kevin Baxter, Senior Director of Bank of Ireland Corporate Banking, highlighted the bank’s two-decade history of lending to onshore wind projects, amounting to over 700 MW of capacity, enough to power over 550,000 homes. Baxter emphasized that entering the offshore wind sector is a natural progression for the bank, with the more established offshore market being in the UK, particularly Scotland.
He emphasized the bank’s commitment to supporting the renewable energy sector, with approximately €8 billion in sustainability-related financing currently in place. The bank aims to reach €15 billion by the end of 2025 and double that amount by 2030.
Renewable finance will play a crucial role in achieving these targets. Baxter stated, “We have been an ever-present in this sector in renewables in the Irish context. We see offshore as a natural progression. We are lucky as a country. We are an island, we have a lot of wind.”
Eoin Hartigan, Head of Origination in Project Finance at Bank of Ireland Corporate Banking, mentioned ongoing discussions with potential offshore wind farm developers under the Offshore Renewable Energy Support Scheme (ORESS) regarding funding.
Bank of Ireland’s investment in these wind projects demonstrates its commitment to renewable energy and its efforts to support the transition to a more sustainable future. With a focus on both offshore and onshore wind ventures, the bank is contributing to the growth of the renewable energy sector in the UK and Ireland.
