Bank of Ireland is providing £98m in finance for a major offshore wind project in Scotland that, when completed, will generate enough green energy to power the equivalent of more than half of all Scottish homes.
Bank of Ireland acted as joint Mandated Lead Arranger (MLA) with an international lending syndicate on Inch Cape, a 1.1-gigawatt (GW) wind farm joint venture between Red Rock Renewables and Ireland's ESB.
Located 15km off Scotland's east coast, Inch Cape is Bank of Ireland's biggest single green energy investment and the second major ESB-sponsored offshore wind project it has supported.
Bank of Ireland said it is working with customers across a wide range of sectors to support the transition to a resilient, net-zero economy by 2050, in line with the Irish and UK governments' ambitions and targets.
Its green lending target is to provide €15 billion of sustainability-related finance to households and businesses by the end of 2025 and €30 billion by 2030.
John Feeney, Chief Executive of Corporate and Commercial Banking, Bank of Ireland, said the bank's participation in major projects like Inch Cape will leave it well placed to support the future evolution of offshore wind in Ireland, where it will play an important role in decarbonising the economy.
"Bank of Ireland is already a leading lender to the renewable energy sector in Ireland and we’re delighted to partner again with ESB in support of the energy transition," he said.
Anne Marie Kean, Group Treasurer, ESB said that Inch Cape is an important project for ESB and the company's NetZero ambition.
"We look forward to working in partnership with Bank of Ireland as we build out this and future projects," Ms Kean added.
