Bank of Ireland provides £56m in financing for Scottish wind project that will power equivalent of over 1 million homes

11 March 2024 – Bank of Ireland is providing £56 million (€65m) in finance for Moray West, a wind energy project off the east coast of Scotland that will power the equivalent of 1.3 million homes.

Bank of Ireland has joined the international lending syndicate for the 882 megawatt (MW) wind farm, currently under development by Ocean Winds, a joint venture between EDP Renewables and ENGIE. Construction is underway and the project is expected to be operational next year.

Bank of Ireland is committed to working with customers, colleagues and society to support the transition to a resilient, net zero economy by 2050, in line with the Irish and UK governments’ ambitions and targets. Our targets are to provide €15 billion of sustainability-related finance to households and businesses by 2025 and €30 billion by 2030. By the end of last year, we reached €11.1 billion, up from €8.2 billion at the end of 2022.

Moray West is an innovative project, with future revenue/electricity sales secured by a mixture of a UK government Contract for Difference and a Corporate Power Purchase Agreement.

Gavin Kelly, Chief Executive of Corporate and Commercial Banking, Bank of Ireland, said:

“Bank of Ireland has been lending to onshore wind projects for many years, so our continued involvement in offshore wind is a very natural progression for us. The UK has an established offshore market and our participation in significant projects like Moray West will leave us well placed to support the evolution of offshore wind in Ireland where it will play an important role in decarbonising the economy.”