Financial close has been confirmed on the project, with long-term debt from a consortium of banks including AIB, BNP Paribas and the European Investment Bank (EIB) financing the scheme.
Led by Bord na Móna and ESB, the project 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 the project reaching financial close, 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.
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"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.
