European Investment Bank to finance €100m Irish wind farm

The Bank of Ireland and the European Investment Bank (EIB) are to finance a €100m wind farm in Cloncreen, County Offaly, east Ireland.

The 75MW project, which is being spearheaded by partially state-owned firm Bord na Móna, will supply up to 55,000 homes with renewable energy by the end of next year.

Christian Kettel Thomsen, EIB’s vice president, said: "The EIB is committed to helping to accelerate renewable energy generation across Ireland and around the world.

"The bank is pleased to provide €50m for Bord na Móna’s latest new wind farm at Cloncreen, alongside Bank of Ireland, that will make a significant contribution to ensuring that 70% of Ireland’s energy is from renewable sources by the end of the decade."   

JP McGrath, Bord na Móna’s chief financial officer, said: "Bord na Móna is in the business of climate solutions, using our land and renewable energy resources to create a cleaner, healthier environment for people here and also to help Ireland reach net zero by 2050."

The project forms part of Bord na Móna’s objective to supply a third of Irish homes with renewable energy by 2030.

Image courtesy of Bord na Móna

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