European Investment Bank (EIB) has approved a €155m loan to Ireland-based energy developer Bord Gáis to increase renewable energy generation in the country.
The company will employ the funds to construct and operate six onshore wind farms located in the counties of Tipperary, Clare and Kilkenny and will have a combined installed capacity of 141MW.
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The proposed wind farms will increase Bord Gáis’ operational capacity from 234MW to 365MW.
The farms will also help Ireland produce at least 20% of its energy from renewable sources by the year 2020.
Bord Gáis chief financial officer Michael G O’Sullivan remarked that the loan was secured from the European bank following a successful €500m worth bond sale.
"Both of these developments demonstrate that investor confidence in Ireland and Irish companies has significantly improved," said O’Sullivan.
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By GlobalDataEIB vice president Mihai Tanasescu added, "The European Investment Bank backs renewable energy investment across Europe and is pleased to work closely with Bord Gáis to ensure Ireland plays a key role."
According to Bord Gáis funding from the Bank is vital towards meeting its objective of adding an additional 250MW capacity to its portfolio.
