Bord na Móna plans to raise €1.6 billion for climate action projects and has appointed Goodbody Corporate Finance to manage the fundraising process. 

The company said the funding will be used for a series of large-scale climate action projects, including wind and solar energy infrastructure developments.

Chief executive Tom Donnellan (pictured) said: “Bord na Móna’s purpose is to help Ireland become carbon neutral by 2050 and we are committed to delivering this major pipeline of critical climate action projects. We have already discerned a strong appetite from investors for the major renewable projects that we are developing and are delighted that Goodbody is on board to help manage the funding.”

Bord na Móna commissioned Ireland’s first commercial wind farm in Bellacorick, Co Mayo, in 1992. Since then it has added five more wind farms and a landfill gas power plant. and in 2018 announced its ‘Brown to Green’ strategy to accelerate its development pipeline of renewable energy and recycling infrastructure.

The company has six projects in planning and construction phase. The company says it currently generates 10% of Irish renewable electricity and says it wants to quadruple in its renewable energy output in this decade.

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“By 2030 Bord na Móna will be generating enough renewable energy to supply nearly a third of all Irish homes,” Donnellan added. “The company’s renewable energy supply will also significantly help Ireland deliver on its carbon reduction and green energy targets.”

Head of corporate finance at Goodbody, Finbarr Griffin, noted that the European Commission has proposed cutting 55% of Europe’s emissions by 2030, up from its previous goal of 40%, and said it would use hundreds of billions of euros worth of green bonds to help fund the target. "This funding plan will make €225 billion available for climate action projects across the European Union,” he said.