Bank of Ireland has provided €65.9m towards Moray West offshore wind farm that will power up to 1.3m homes.
Bank of Ireland is providing €65.9m (£56m) in financing for the Moray West wind energy project.
The bank has joined the international lending syndicate for the 882 megawatt (MW) wind farm, currently under development by Ocean Winds, a joint venture between EDP Renewables and ENGIE.
“Our participation in significant projects like Moray West will leave us well placed to support the evolution of offshore wind in Ireland where it will play an important role in decarbonising the economy”
Construction is underway and the project is expected to be operational next year.
Moray West is an innovative project, with future revenue/electricity sales secured by a mixture of a UK government Contract for Difference and a Corporate Power Purchase Agreement.
Powering the transition to net zero
Bank of Ireland is committed supporting the transition to a resilient, net zero economy by 2050, in line with the Irish and UK governments’ ambitions and targets.
The bank plans to provide €15bn of sustainability-related finance to households and businesses by 2025 and €30bn by 2030.
By the end of last year, Bank of Ireland reached €11.1bn, up from €8.2bn at the end of 2022.
“Bank of Ireland has been lending to onshore wind projects for many years, so our continued involvement in offshore wind is a very natural progression for us,” said Gavin Kelly, CEO of Corporate and Commercial Banking at Bank of Ireland.
“The UK has an established offshore market and our participation in significant projects like Moray West will leave us well placed to support the evolution of offshore wind in Ireland where it will play an important role in decarbonising the economy.”
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