Following the Bord na Mona’s exit from peat harvesting in June 2020, the semi-state company has been exploring new opportunities in energy generation. Bord na Mona already has a considerable operational renewable energy portfolio of 423 MW, as well as another 403 MW of projects in the pipeline (either in construction, pre-construction or currently in the planning application process).
Bord na Mona appears to be following this trend towards the development of renewable energy projects with its most recent announcement, that it is to raise €1.6 billion to fund a series of large-scale climate action projects, including wind, solar, battery storage, biomass and more for delivery before 2030. Goodbody Corporate Finance has been appointed to manage the fundraising project.
This announcement arises from the company’s success in the recent RESS-1 auction, in which the Cloncreen and Oweninny wind farm projects were successful and accounted for 75MW and 83MW respectively for a combined total of 158MW.
In their statement, Bord na Mona claims to be on track to achieve a 300% increase in its renewable energy output before 2030, which would significantly contribute to the Government plan to move to 70% renewable electricity by 2030.
Part funding will likely be sought from the European Commission which has provided a funding plan to make €225 billion available to climate action projects, aiming to reduce emissions across the European Union. Bord na Mona, with its 200,000 acre landholding is likely well positioned to avail of such funding.
In recent years, Bord na Mona following the implementation of its Brown to Green Strategy has also began rehabilitation and restoration of peatlands.