AIB invests in Irish solar designer

• Bank's EUR8.5 m in money to help fund BNRG's 1.8 GW development pipeline

AIB has actually bought BNRG, an Irish-based developer and also driver of solar energy projects globally.

BNRG currently has a solar development pipe of 2.7 GW across Ireland, the USA, UK and also Australia, along with 23MW of running assets in the USA.

AIB's EUR8.5 m investment will help fund BNRG's ongoing development pipeline, which aims to have 1.8 GW of solar power items set up or under construction by 2025.

AIB's investment adheres to a recent partnership in between Impax Asset Management and also BNRG to provide portfolios of solar energy projects, with a preliminary focus on the United States and Ireland.

In the United States, BNRG aims to take 70MW of projects into building in Maine in the coming months.

In Ireland, BNRG was just recently effective in winning CFD agreements in the Renewable Energy Support Scheme 2 auction for 4 projects totalling 55MW in Cork as well as Kildare, with construction expected to commence very early next year.

These agreements will make certain material financial savings for electricity consumers.

BNRG has also lately re-entered the UK, after a period of success in between 2011 as well as 2017.

Recent success in the UK federal government's CfD auction will enable a portfolio consisting of 42 MW in the South of England to be built between 2023 and 2024, it said.

In Australia, in partnership with the Leeson Group, BNRG is creating a portfolio of 135MW of solar projects co-located with 220MWh of battery storage.

The initial 5 projects, consisting of 35MW will certainly commence building in mid 2023. In all, BNRG expects to commence building and construction on over 200MW following year.

BNRG president and also owner David Maguire stated: "BNRG invites this investment from AIB, an Irish banks that has actually shown a clear commitment to helping fund the fight against climate adjustment.

" The investment will help BNRG speed up the development of our solar portfolio, across multiple jurisdictions and also broaden our task globally."

Head of AIB Investment Banking Finlay McFadyen added: "AIB is delighted to companion with BNRG, a leading Irish solar developer and operator.

" The investment becomes part of AIB's ambitious strategy to help deal with the challenges of climate adjustment by giving financing to companies and also projects that are helping to develop a cleaner and also more sustainable future.

" This will certainly be of advantage to our economy as well as society."