Bank of Ireland has announced a £98 million financing deal for the 1,080 MW Inch Cape offshore wind project, which reached financial close earlier this week. The project, a joint venture between Red Rock Renewables and Ireland's ESB, is expected to generate enough green energy to power more than half of Scotland's homes when completed.
Bank of Ireland served as joint Mandated Lead Arranger (MLA) in collaboration with an international lending syndicate. The Inch Cape wind farm will be located 15 kilometers off Scotland's east coast and represents the bank's largest single green energy investment to date. It also marks the second major offshore wind project that Bank of Ireland has supported for ESB.
Bank of Ireland has set a green lending target of providing €15 billion in sustainability-related finance to households and businesses by 2025, with a longer-term target of €30 billion by 2030.
John Feeney, Chief Executive of Corporate and Commercial Banking at Bank of Ireland, commented: “The UK has a well-established offshore wind energy market. Our participation in major projects like Inch Cape will leave us well placed to support the future evolution of offshore wind in Ireland, where it will play an important role in decarbonising the economy.
Anne Marie Kean, Group Treasurer at ESB, added: “I would like to thank Bank of Ireland for their continued support of ESB as they join the lending syndicate for our Inch Cape offshore wind joint venture with Red Rock Renewables. Inch Cape is an important project for ESB and our NetZero ambition. We look forward to working in partnership with Bank of Ireland as we build out this and future projects.
