Bord Gáis secures EUR155m European Investment Bank loan for six onshore wind projects
Irish energy provider Bord Gáis has secured a €155m loan from the European Investment Bank (EIB) to increase the renewable energy generation from onshore wind farms in the country.
The loan will support the construction and operation of six onshore wind farms across the counties of Tipperary, Clare and Kilkenny with a combined capacity of 141MW.
The proposed wind farms will increase the operational capacity of Bord Gáis wind farms from 234MW to 365MW while ensuring that at least 20% of energy produced in Ireland is derived from renewable sources by 2020.
Bord Gáis chief financial officer Michael G O'Sullivan remarked that the loan follows a successful €500m worth bond sale earlier in November 2012.
"Both of these developments demonstrate that investor confidence in Ireland and Irish companies has significantly improved," said O'Sullivan.
EIB vice president Mihai Tanasescu added, "The European Investment Bank backs renewable energy investment across Europe and is pleased to work closely with Bord Gáis to ensure Ireland plays a key role."
According to the company the funding is vital towards meeting its objective of adding an additional 250MW capacity to its portfolio.