BOI launches €500m environment fund

Bank of Ireland Corporate Banking today launched a specialised €500m fund dedicated to the environment and renewable energy sector.

The fund is earmarked for lending to companies and projects in the Renewable Energy, Water Treatment and Waste Management segments. It follows the creation by Bank of Ireland during 2003 of a dedicated Environment Finance Group.

Announcing the fund at a seminar for industry stakeholders, Padraig Rushe, director of Bank of Ireland Corporate Banking, said: "We see a range of significant developments ahead which are both critical to Ireland's infrastructure and future competitiveness but are also strongly commercial."

He added: "Over the next five years alone in excess of €6bn will be invested in environment related projects in Ireland. Bank of Ireland is already a leading domestic and international player in the sector and we believe the time is now right to create a specialist unit to meet the specific expectations and needs of our existing and potential customers into the future."