€430 Million Worth Wind & Solar Projects Secured by Ireland Semi-state Owned Company
- Irish semi-state company Bord na Móna has secured €430 million in banking facilities for renewable energy projects worth €2.7 billion, in a move to help Ireland reach its goal of 80% renewable electricity by the end of this decade.
What happened?
Bord na Móna, an Irish semi-state company, has secured €430 million in banking facilities for renewable energy projects worth €2.7 billion. This is the largest-ever funding for renewable energy projects for the company and includes new €160 million revolving credit facilities and €180 million credit facilities from three banks. The Bank of Ireland has also renewed its €90 million facility, with the option to extend the banking facilities two years further.
Why does it matter?
This funding is important for Ireland, as the country has pledged to generate 70% of its electricity from renewable sources by 2030. Bord na Móna is already involved in about 10% of all renewable energy projects in the country and this funding will help the company to complete and deliver renewable energy projects of about EUR 2.7 billion. This will help Ireland reach its goal of 80% renewable energy by the end of this decade.
What's next?
The funds will enable Bord na Móna to strengthen and expand its renewable energy portfolio, as the company currently delves in the development of wind, solar, biomass and biogas based energy generation. The new funding will also allow the company to bid for additional deployments of 414 MW onshore wind and 1534 MW solar under the Renewable Electricity Support Scheme 2 (RESS 2). This is expected to have a leading role in Ireland's renewables dash.
