The project, which is led by sustainable energy business Bord na Móna, involves construction of a 75MW windfarm, located at Cloncreen in County Offaly. It is designed to supply the national grid with renewable energy for up to 55,000 homes and is due to start production next year.
It is the first project under Ireland’s Renewable Electricity Support Scheme to receive financing and when completed, will contribute towards Bord na Móna’s objective to supply approximately one third of Irish homes with renewable energy by 2030.
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 €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 €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.”