Bank of Ireland is providing £98m in finance for the the 1080MW Inch Cape offshore wind project that reached financial close earlier this week.
When completed, the joint venture between Red Rock Renewables and Ireland’s ESB is expected to generate enough green energy to power the equivalent of more than half the homes in Scotland.
Bank of Ireland acted as joint Mandated Lead Arranger (MLA) with an international lending syndicate.
Located 15km off Scotland’s east coast, Inch Cape is Bank of Ireland’s largest single green energy investment to date and the second major ESB sponsored offshore wind project it has supported.
Bank of Ireland’s green lending target is to provide €15bn of sustainability-related finance to households and businesses by the end of 2025 and €30bn by 2030.
John Feeney, chief executive of corporate and commercial Banking, Bank of Ireland, said: ‘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.
“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.”
Anne Marie Kean, group treasurer at ESB, said: “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.”