Bank of Ireland provides GBP56m in financing for Scottish wind project that will power equivalent of over 1 million homes

Bank of Ireland is providing GBP56 million (EUR65m) 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.

Bank of Ireland 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.

Bank of Ireland 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 EUR15 billion of sustainability-related finance to households and businesses by 2025 and EUR30 billion by 2030. By the end of last year, we reached EUR11.1 billion, up from EUR8.2 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.

Gavin Kelly, Chief Executive of Corporate and Commercial Banking, Bank of Ireland, 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. 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.'

Bank of Ireland Group plc is a public limited company incorporated in Ireland, with its registered office at 2 College Green, Dublin, D02 VR66 and registered number 593672. Bank of Ireland Group plc, whose shares are listed on the main markets of the Irish Stock Exchange plc and the London Stock Exchange plc, is the holding company of Bank of Ireland.

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