The Bank of Ireland is aiding the financing of a Scottish offshore wind farm anticipated to generate enough electricity for approximately 1.3 million households. The bank has contributed £56 million to the Moray West wind power scheme, located over 22.5km off Scotland’s east coast near Aberdeen. This wind project, which spans across 225 square kilometres, was granted planning permission in 2019 and is set to be fully operational in the coming year.
The Bank of Ireland, part of an international lending syndicate for the 882 MW wind farm, is actively partnering with Ocean Winds on its development – a collaboration between EDP Renewables and ENGIE. The bank emphasised its commitment to contribute towards achieving a net-zero economy by 2050, in line with the ambitions and targets set by the Irish and UK governments. The bank’s sustainability financing ambitions include providing €15 billion to households and businesses by 2025, and €30 billion by 2030. By the end of last year, the bank had already reached €11.1 billion, a significant increase from €8.2 billion at the close of 2022.
According to the bank’s recent 2023 annual report, they are on track to achieve the aforementioned 2025 and 2030 targets. The bank also confirmed that the future revenue and electricity sales from Moray West are secured through a combination of a UK government contract and a corporate power purchase agreement.
Gavin Kelly, the bank’s corporate and commercial banking chief executive, remarked that the progression towards offshore wind financing was a natural evolution for them, given their extensive experience in onshore wind project investments. He added that the experience garnered from significant projects like Moray West will position the bank strongly to support the growth of offshore wind in Ireland, thereby bolstering the decarbonisation of the economy. Other significant lenders financing the Moray West project include Barclays, further exemplifying the trend of bank investments in renewable energy amid the broader shift towards a greener economy.
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