Investment in Inch Cape Scottish offshore wind farm with ESB and Red Rock is the Bank’s single-largest green energy investment to date.
Bank of Ireland has revealed it is providing £98m (€117m) towards a major Scottish offshore wind project that when completed will generate enough green energy to power more than half the homes in Scotland.
The Bank has acted as a mandated lead arranger with an international lending syndicate on Inch Cape, a 1.1-gigawatt (GW) wind farm.
“Our participation in major projects like Inch Cape will leave us well placed to support the future evolution of offshore wind in Ireland, where it will play an important role in decarbonising the economy”
The Inch Cape wind farm is a join venture between Red Rock Renewables and Ireland’s ESB.
Green ambition
Bank of Ireland is working with customers across a wide range of sectors to support the transition to a resilient, net-zero economy by 2050, in line with the Irish and UK governments’ ambitions and targets.
The Bank’s green lending target is to provide €15 billion of sustainability-related finance to households and businesses by the end of 2025 and €30 billion by 2030
“The UK has a well-established offshore wind energy market,” explained John Feeney, CEO of Corporate and Commercial Banking at Bank of Ireland.
“Our participation in major projects like Inch Cape will leave us well placed to support the future evolution of offshore wind in Ireland, where it will play an important role in decarbonising the economy. Bank of Ireland is already a leading lender to the renewable energy sector in Ireland and we’re delighted to partner again with ESB in support of the energy transition.”
Located 15km off Scotland’s east coast, Inch Cape is Bank of Ireland’s largest single green energy investment to date and the second major ESB-sponsored offshore wind project it has supported.
“Inch Cape is an important project for ESB and our NetZero ambition,” said Anne Marie Kean, group treasurer, ESB.
“We look forward to working in partnership with Bank of Ireland as we build out this and future projects.”
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