Bord na Móna secures €430m to develop wind and solar projects

Company says its largest-ever funding for renewable energy projects will help facilitate its delivery of €2.7bn schemes

Bord na Móna aims to play a 'significant role' in helping meet the Government's targets to generate 80% of all electricity from wind and solar sources by 2030. Picture: Eamonn Farrell

Bord na Móna has said it has secured its largest-ever funding for renewable energy projects, as it puts in place some €430m in banking facilities which it says will help it deliver further projects worth €2.7bn.         

The company is already involved in 10% of all renewable energy in the State and aims to play a “significant role” in helping meet the Government's targets to generate 80% of all electricity from wind and solar sources by 2030. 

The funding will provide “the necessary working capital to strengthen and expand our renewable energy portfolio”, said group treasurer Joe Coleman. 

"Access to funding and ongoing support from lenders such as Bank of Ireland, BNP Paribas, and ING provides certainty and allows us to maintain our strong momentum," he said.  

However, Bord na Móna said that “the bigger picture" was that the funding will help it deliver "additional renewable assets with a combined value of €2.7bn". 

The new debt facilities include a new €160m revolving credit facility and an €180m credit facility from the three banks. The company has also renewed an additional €90m facility directly with Bank of Ireland. 

Bord na Móna has the option to extend the banking facilities for a further two years.