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Bank of Ireland provides €65m in financing for Scottish wind project

Moray West, a wind energy project off the east coast of Scotland, will power the equivalent of 1.3 million homes
Moray West, a wind energy project off the east coast of Scotland, will power the equivalent of 1.3 million homes

Bank of Ireland said today it is providing about €65m (£56m) 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 bank has joined the international lending syndicate for the 882 megawatt (MW) wind farm, currently under development by Ocean Winds, a joint venture between EDP Renewables and ENGIE.

Construction is underway and the project is expected to be operational next year.

Moray West's future revenue and electricity sales have been secured by a mixture of a UK government Contract for Difference and a Corporate Power Purchase Agreement.

Bank of Ireland said it is committed to working with customers, colleagues and society to support the transition to a resilient, net zero economy by 2050, in line with the Irish and UK governments' ambitions and targets.

"Our 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, we reached €11.1 billion, up from €8.2 billion at the end of 2022," the lender said.

"Bank of Ireland has been lending to onshore wind projects for many years, so our continued involvement in offshore wind is a very natural progression for us," 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 us well placed to support the evolution of offshore wind in Ireland where it will play an important role in decarbonising the economy," he added.