Bord Na Móna profits fall following shift to renewables

Bord Na Móna chief executive Tom Donnellan said the company performed well over the recent financial year 'with the successful delivery of five significant renewable energy projects'.

Semi-state firm Bord Na Móna has seen a significant fall in its operating profit for its most recent financial year after it transitioned to operating as a fully renewable energy provider.

According to the latest results, in its financial year ending in April earlier this year, the company recorded an operating profit of €31.9m — down from €106.7m in 2024.

The end of its 2024 financial year marked the company’s end of all peat operations including the use of peat as an energy source in its operations. 

Profit that year was also bolstered by the sale of its stake in Electricity Exchange as well as profit from other strategic partnerships.

Bord Na Móna chief executive Tom Donnellan said the company performed well over the recent financial year “with the successful delivery of five significant renewable energy projects contributing to an active portfolio capacity of 1GW”.

“With planning secured for 300MW of new onshore wind, and up to 20 further renewable projects expected to progress through planning over the next two to three years, we remain focused on delivering the infrastructure and innovation that will secure Ireland’s green energy supply and contribute to the achievement of our climate action targets for 2030,” he said.

Wind farm

The company said it has delivered several significant renewable projects including the Derrinlough wind farm, the Cloncreen battery energy storage system, and the company’s first solar farm Timahoe North — which was developed with joint venture partner ESB — adding 260MW of new generation capacity to the grid.

€111m was invested in renewable energy infrastructure during this period in total, comprising of €95m in wholly owned projects and €16m in joint ventures.

Bord Na Móna now operates an active portfolio of 1GW in renewable energy assets, while progressing a 5GW pipeline of onshore wind, solar, battery storage, and longer-term offshore projects.

In addition to its renewable energy generation activity, some 2,778 hectares of former peatlands were also restored in the past year through the company’s dedicated peatlands climate action scheme. 

These rehabilitated bogs now support carbon sequestration and the restoration of natural habitats for various species of plants and wildlife.

In its sustainability update for the year, Bord Na Móna reported a 38% decrease in its greenhouse gas emissions year-on-year. It has also reached a peatlands rehabilitation milestone of 20,000 hectares since the company’s scheme commenced.