ESB Raises €1bn for Renewables Projects

Oct 2, 2023 02:05 PM ET
  • ESB Group, Ireland's leading utility, has just sold two bonds for EUR 1 billion to finance renewable energy projects and reduce carbon intensity. Help create a cleaner, more resilient energy future by supporting ESB's net-zero target by 2040!
ESB Raises €1bn for Renewables Projects

Irish utility ESB Group has raised EUR 1 billion through the sale of two bonds. Half of the funds will be used to finance new investments in renewable energy projects. ESB stated the money will go towards projects such as smart meters, battery storage, solar and wind generation. This is the third time ESB has issued green bonds, with the previous two offerings in 2019 and 2022. This move is part of Ireland's push to reduce carbon intensity and ESB's own net-zero target by 2040. ESB Group Treasurer Anne Marie Kean believes this will help create a cleaner and more resilient energy future.

What Investments Will ESB's Green Bonds Fund?

  • The Green Bonds issued by ESB, or European Sustainable Bonds, will be used to fund the construction of the 115MW solar farm in Broceni, Latvia.
  • The funds will also be used to finance other renewable energy projects in the country such as wind farms, as well as energy storage and energy efficiency projects.
  • The investments will help reduce Latvia's reliance on fossil fuels and help accelerate the nation's transition to a low carbon economy.
  • The money will also be used to create jobs in the renewable energy sector and to develop green energy infrastructure.
  • The investments will also support the development of innovative technologies and research in the field of renewable energy.
  • The Green Bonds will also be used to finance educational and awareness initiatives in the renewable energy sector, in order to help citizens better understand the benefits of green energy.

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