- Bank of Ireland will provide £56 million in finance for Moray West, a wind energy project.
- The financial institution will support the transition to a resilient, net-zero economy by 2050.
Bank of Ireland said it will provide £56 million in finance for Moray West, a wind energy project off the east coast of Scotland that will power the equivalent of 1.3 million homes.
The financial institution is working with customers, colleagues, and society to support the transition to a resilient, net zero economy by 2050, which aligns with the Irish and UK governments’ ambitions and targets.
Also, the bank’s targets are to provide €15 billion of sustainability-related finance to households and businesses by 2025 and €30 billion by 2030. By the end of last year, the bank reached €11.1 billion, up from €8.2 billion at the end of 2022.
Moray West is an innovative project, with future revenue/electricity sales secured by a mixture of a UK government Contract for Difference and a Corporate Power Purchase Agreement.
Furthermore, Gavin Kelly, Chief Executive of Corporate and Commercial Banking at Bank of Ireland, said the UK has an established offshore market, and our participation in significant projects like Moray West will leave the bank well-placed to support the evolution of offshore wind in Ireland, where it will play an essential role in decarbonising the economy.