Bord na Móna has put in place a new €160m revolving credit facility along with a €180m letter of credit facility with Bank of Ireland, BNP Paribas and ING.

It said these new debt facilities will be used to facilitate the build out and operation of renewable energy assets as well as to meet its working capital requirements

The company has also renewed an additional €90m facility directly with Bank of Ireland making this, in aggregate, the largest ever funding arrangement secured by Bord na Móna.

Bord na Móna aims to play a significant role in helping Ireland to meet its Climate Action Plan target of generating 80% of all electricity from renewable sources by 2030.

It already supplies around 10% of all renewable energy in the state and will continue to provide Ireland with sustainable energy solutions of scale.

Bord na Móna Group Treasurer Joe Coleman said the new facilities provide the company with the necessary working capital to strengthen and expand its renewable energy portfolio.

"Access to funding and ongoing support from lenders such as Bank of Ireland, BNP Paribas and ING provides certainty and allows us to maintain our strong momentum. As a group Bord na Mona will have significant funding requirements over the coming years," Mr Coleman said.

Bord na Móna CFO JP McGrath said that the new funding will pave the way for the company to develop additional renewable assets with a combined value of €2.7 billion across its renewable energy portfolio.