Bord na Mona has launched a major fundraising campaign to build a series of climate action projects across its 200,000 acre landholding.
The company has appointed Goodbody Corporate Finance to manage the €1.6bn fundraising for a series of large-scale projects, including wind and solar energy infrastructure developments for delivery in this decade.
Chief executive Tom Donnellan said: “Bord na Móna’s purpose is to help Ireland become carbon neutral by 2050 and we are committed to delivering this major pipeline of critical climate action projects.
“Bord na Móna has a national and business imperative to use our land and other assets to develop these projects.
“We have already discerned a strong appetite from investors for the major renewable projects that we are developing and are delighted that Goodbody is on board to help manage the funding.”
Bord na Móna has six major projects in planning and construction phase with as many more to follow before 2030.
The company is already generating 10% of Irish renewable electricity and is on track to achieve a 300% increase in its renewable energy output in this decade.
By 2030 Bord na Móna will be generating enough renewable energy to supply nearly a third of all Irish homes.
The company’s renewable energy supply will also significantly help Ireland deliver on its carbon reduction and green energy targets, it said.
The funding and investment announcement follows the company’s recent success in the first competitive auction under the Government’s new Renewable Electricity Support Scheme (RESS-1).
Two Bord na Móna wind energy projects were successful in their bids, winning 158MW total capacity in the auction representing 25% of the total capacity awarded.
In 2018 the company adopted its Brown to Green strategy with the stated ambition of taking a leading role in delivering key aspects of national climate action policy.
Under this strategy the company accelerated its development pipeline of renewable energy and recycling infrastructure.
Bord na Móna has also launched one of the largest peatland restoration and management programmes in Europe.
This peatland restoration and management programme will significantly boost biodiversity and is aimed at securing and capturing more carbon in its lands.
Head of Goodbody Corporate Finance Finbarr Griffin added: “Goodbody is delighted to be working with Bord Na Móna on this large strategic fundraising.
“Goodbody has been involved in the funding of renewable energy and infrastructure for over 15 years and we see Bord Na Móna as a key strategic player in Ireland’s drive for carbon neutrality.”