Industry & Business

ESB and Bord na Móna Reach Financial Close on Oweninny Wind Farm Project

 Breaking News
  • UN Green Finance Network For Climate Change to Establish its European Hub in Dublin A major United Nations programme that encourages global financial centres to place sustainable and green finance at the heart of their operations and help fight climate change, is to establish its European base in Ireland. The new European secretariat will coordinate from Dublin a network of pan-European cities committed to the expansion of green and [...]...
  • National Food & Drink Business Conference and Exhibition 2018 – Citywest Convention Centre, Dublin – Wednesday, September 5th The National Food & Drink Business Conference and Exhibition 2018, Ireland’s premier trade event for the food and drink processing, packaging, ingredients and logistics industries, is being held at the Citywest Convention Centre on Wednesday, September 5th, 2018. The theme of the 2018 National Food & Drink Business Conference and Exhibition is ‘Collaborating for an Innovative [...]...
  • GMIT IHUB Extension Work Commences The first sod has been turned on the site of the new extension to GMIT’s Innovation Hub (iHub) at the GMIT Galway campus. The extension will double the size of the Innovation Hub to about 2,400 sq m, providing space for an additional three dedicated MedTech R&D units; 17 incubation units for start-ups in the [...]...
  • Northern Ireland Housing Market Continues to Perform Strongly The latest Quarterly House Price Index report from Ulster University reveals a relatively healthy housing market with strong but sustainable levels of house price growth over the last 12 months in Northern Ireland. Ulster University’s research is produced in partnership with the Northern Ireland Housing Executive and Progressive Building Society. Analysing the performance of the Northern [...]...
  • Research Technical Paper – Economic Migration and Business Cycles in a Small Open Economy With Matching Frictions The Central Bank of Ireland has published a Research Technical Paper. The paper, “Economic Migration and Business Cycles in a Small Open Economy with Matching Frictions”, by Matija Lozej, investigates how the domestic labour market of a small open economy is affected by migration and the implications this has on the business cycle of a [...]...

ESB and Bord na Móna Reach Financial Close on Oweninny Wind Farm Project

ESB and Bord na Móna Reach Financial Close on Oweninny Wind Farm Project
May 29
12:02 2018

ESB and Bord na Móna have announce that financial close has been reached on the €160 million Oweninny project in North County Mayo. The project will be financed with long-term debt from a consortium of banks including the European Investment Bank (EIB), who are providing 50 per cent of the funding, as well as MUFG Bank, BNP Paribas and AIB.

Located between Crossmolina and Bangor Erris, the site was formerly used for peat harvesting by Bord na Móna to provide indigenous fuel for ESB’s peat fired power station at Bellacorick, up to its decommissioning in 2003. The country’s first commercial wind farm was established at the site in 1992.

Commenting on this significant milestone for the 89MW project, ESB Chief Executive Pat O’Doherty welcomed ESB’s collaboration with Bord na Móna, the EIB and the other financial institutions involved: “Through this project, we are building on a long history of indigenous electricity generation at Bellacorick and demonstrating our commitment to a low carbon future, powered by clean electricity. 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.”

Bord na Móna Managing Director Tom Donnellan said: “We have a long history in Mayo and this exciting new venture represents the next chapter in Bord na Móna reaching 1GW of renewable assets by 2030, which will power over half a million homes across the Country. Our vision is to enable a more sustainable Ireland by harnessing our natural resources and I welcome this milestone in the project. Ireland has to completely transform the way that we generate and consume energy for the future. Whilst peat production ceased in Oweninny some years ago, this joint venture with ESB demonstrates how we in Bord na Móna can best use our land bank of over 200,000 acres in order to support national policy to decarbonise by investing in new forms of renewable energy that are secure and sustainable. ”

The European Investment Bank (EIB), which is providing half the funding, is the world’s largest financier for renewable energy investment and technical experience gained from wind farms worldwide has helped strengthen the project. “The European Investment Bank’s €80 million financing for the new Oweninny wind farm – 50% of total funding – represents our largest ever investment in renewable energy generation in Ireland and the largest financing in Ireland to date under the Investment Plan for Europe,” said Andrew McDowell, EIB Vice President.

He added that: “Harnessing wind power to provide clean energy is crucial for Ireland to meet its EU and global climate commitments. That is why the European Investment Bank (EIB) – as the EU Bank and the world’s largest financier for renewable energy investment – is pleased to work with ESB, Bord na Mona and Irish and international banks to back this landmark investment for County Mayo, on the location of Ireland’s first ever commercial wind farm. Not only will this project contribute to Ireland’s climate action targets, but it will also power over 50,000 homes and is creating around one hundred local jobs during construction.”

The EIB financing is part of the Investment Plan for Europe and backed by the European Fund for Strategic Investments.

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.

About Author

admin

admin

Related Articles

New Subscriber





Subscribe Here



Advertisements



















National Manufacturing Conference & Exhibition 2018

NIBRT Springboard Success Stories



Upcoming Events

  • No upcoming events
AEC v1.0.4