ESB and Bord na Móna reach Financial Close on Phase 2 of the Oweninny Wind Farm Project

  • 83MW North Mayo project represents overall investment of €150 million
  • The wind farm’s 31 turbines will supply clean energy to the equivalent of over 70,000 homes 
  • Project will be financed by a consortium of banks including AIB, BNP Paribas and the European Investment Bank (EIB)

24 September 2021

Bord na Móna and ESB are pleased to announce that financial close has been reached on the €150m Oweninny project in North County Mayo. The project will be financed with long-term debt from a consortium of banks including AIB, BNP Paribas and the European Investment Bank (EIB).
Located between Crossmolina and Bangor Erris, the development adjoins Ireland's first commercial wind farm, Bord na Móna’s Bellacorrick wind farm, and Phase 1 of Oweninny (89MW) which was commissioned in 2019.
Commenting on this significant milestone for the 83MW project, Bord na Móna Chief Executive Tom Donnellan said: “Bord na Móna is a climate solutions company focused on using our assets and expertise to support sustainable economic development across the country. We have a long history of renewable energy operations and development in Mayo and this exciting new venture represents the next chapter in Bord na Móna reaching 1GW of renewable assets by 2030. which will power over half a million homes across the country.
“Our vision is to help Ireland achieve net zero carbon emissions by 2050. This joint venture with ESB, supported by our lenders, demonstrates how we in Bord na Móna can deploy our expertise and assets  in order to support national policy to decarbonise by investing in new forms of renewable energy that are secure and sustainable. ”
ESB Chief Executive Paddy Hayes welcomed ESB’s collaboration with Bord na Móna and the financial institutions involved: “ESB is focused on low carbon electricity to create a brighter future for the customers and communities we serve. Building on ESB’s long history of electricity generation at Bellacorick and a strong partnership with Bord na Móna, the Oweninny joint venture investment is another tangible step towards a low carbon future, powered by clean electricity.”
ESB and Bord na Móna have established a Community Benefit Scheme for the funding of local community projects and initiatives over the lifetime of the wind farm. The community benefit scheme for Phase 1 of the wind farm has to date contributed over €400k to community groups and organisations across County Mayo.

ENDS/
EDITORS’ NOTES:
About ESB:
ESB operates across the electricity market: from generation, through transmission and distribution to the supply of customers with an expanding presence in the British generation and supply market. In addition, we create further value through supplying gas, energy services and using our networks to carry fibre for telecommunications. ESB is the owner of the distribution and transmission networks in the Republic of Ireland (via ESB Networks) and Northern Ireland (via Northern Ireland Electricity Networks Ltd).  In the first half of 2021, it had a 33% share of generation in the all-island market (via ESB Generation and Trading) and a 36% share of electricity supply in the all-island market (via Electric Ireland) with 1.5 million gas and electricity customer accounts.

About Bord na Móna
Established to support the State’s economic progress and security of energy supply Bord na Móna is an Irish, semi-state climate solutions company helping lead Ireland towards a climate neutral future. Bord na Móna’s mission has four core elements: Provide Ireland with sustainable energy from renewable sources at scale; Effectively rehabilitate its peatlands; Deliver world-class waste and resource recovery solutions and help Ireland reimagine how it engages with climate action.  In  2020 Bord na Móna launched a €126m  Peatland Climate Action Scheme, which will harness the natural power of peatlands to secure a store of over 100m tonnes of carbon in perpetuity, cut emissions, and capture millions of tonnes more in the coming years. The company is raising €1.6billion to fund a series of major climate focused projects across its 200,000 acre landholding. By 2030, Bord na Móna will be able to supply a third of Irish homes with renewable energy. Eighty percent of all Bord na Móna’s operations is now focused on renewable energy production, recycling, peatland rehabilitation, and sustainable product development.