AIB invests 8.5 million euros in the solar energy developer BNRG

AIB has announced a €8.5 million investment in Irish solar developer BNRG.

Founded in 2007 and based in Dublin, the company develops and operates solar projects in Ireland, Australia, the USA and Great Britain.

The solar parks developed by the company together with a number of development, technology and financial partners are now producing more than 250,000 MWh of solar energy.

BNRG currently has a development pipeline of 2.7 GW in its four key markets and an additional 23 MW of operating assets in the US.

The company now plans to use AIB’s investment to fund these projects, aiming to have 1.8 GW of solar energy products installed or under construction by 2025.

The bank’s financing is the latest in a series of investments in the company. BNRG partnered with Impax Asset Management in October to deliver a portfolio of projects in the Irish and American markets, with a particular focus on Maine in the coming months.

The financial terms of the joint venture were not disclosed at the time.

In Ireland, BNRG was also awarded four Contracts for Difference in the Renewable Energy Support Scheme 2 tender for projects in Cork and Kildare. Construction is scheduled to start early next year.

Chief Executive Officer and Founder David Maguire said the company welcomes the funding from AIB.

“The investment will help BNRG accelerate the development of our solar portfolio across multiple jurisdictions and expand our operations globally,” he added.

Finlay McFadyen, Head of Investment Banking at AIB, added that the move is part of the bank’s “ambitious strategy to help address the challenges of climate change by providing financing”. AIB invests 8.5 million euros in the solar energy developer BNRG

Fry Electronics Team

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