News

Irish power firms announce financial close on 89MW wind project

Posted at May 24, 2018 » By : » Categories : News » Comments Off on Irish power firms announce financial close on 89MW wind project

The Electricity Supply Board (ESB) and Bord na Móna have announced the €160 million (£140m) Oweninny wind project in Ireland has reached financial close.

The energy firms working on the renewable power facility in North County Mayo say it will be financed with long-term debt from a consortium of banks including the European Investment Bank (EIB), providing 50% of the funding, as well as MUFG Bank, BNP Paribas and AIB.

The 89MW wind farm will be located between Crossmolina and Bangor Erris on a site where peat was formerly harvested and burned for power.

ESB and Bord na Móna have established a Community Benefit Scheme for the funding of local community projects and initiatives over the lifetime of the wind farm.

ESB Chief Executive Pat O’Doherty said: “Oweninny wind farm will add to ESB’s existing portfolio of 16 wind farms on the island of Ireland and will support our strategy to significantly reduce the carbon intensity of the electricity we generate.

“Over the next decade, we will replace high carbon emitting generation with low carbon and renewable alternatives and will collaborate with innovative, like-minded organisations such as Bord na Móna and the European Investment Bank, as well as AIB, BNP Paribas and MUFG, to lead Ireland’s transition to a clean energy future.”

Ireland is being taken back to the EU Court of Justice for not properly carrying out an environmental impact assessment for a wind farm.

Article source: http://www.energylivenews.com/2018/05/24/irish-power-firms-announce-financial-close-on-89mw-wind-project/

About admin

Comments are closed.