€100m fund to improve SME energy efficiencies

AIB has launched a €100m fund aimed at improving energy efficiencies among SMEs, which has the potential to stimulate the economy and create thousands of jobs, it said.

The bank also said it will make available €1bn in funding for energy projects over the next three years.

The €100m fund coincides with a major research project carried out by Amarach found SMEs on average spend 9% of total revenues each year on energy bills. This ranges from €114,000 for companies in the manufacturing sector; €50,000 in the retail sector; and €70,000 for remaining SMEs.