AIB has invested €8.5m in BNRG, the Irish-based developer and operator of solar energy projects.
BNRG currently has a pipeline of 2.7GW in solar projects across Ireland, the US, the UK and Australia, and a further 23MW of operating assets in the US.
The AIB investment will help to fund the company's online development pipeline, which aims to have 1.8GW of solar energy projects installed or under construction by 2025.
David Maguire, CEO and founder of BNRG, said: “BNRG welcomes this investment from AIB, an Irish financial institution that has demonstrated a clear commitment to helping fund the fight against climate change.
"The investment will help BNRG accelerate the development of our solar portfolio, across multiple jurisdictions and expand our activity globally.”
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Finlay McFadyen, head of AIB Investment Banking, said: “AIB is delighted to partner with BNRG, a leading Irish solar developer and operator.
"The investment is part of AIB's ambitious strategy to help address the challenges of climate change by providing funding to companies and projects that are helping to create a cleaner and more sustainable future. This will be of benefit to our economy and society.”
The announcement follows a recent partnership between BNRG and Impax Asset Management to deliver portfolio of solar energy projects, with an initial focus on the US and Ireland.
BNRG aims to commence construction on 70 MW of projects in Maine in the coming months.
In Ireland, BNRG recently won Contracts For Difference contracts in the Renewable Energy Support Scheme 2 auction for four projects totalling 55 MW in Cork and Kildare, with construction expected to commence early next year.
The company has also reentered the UK market, win contacts to construct 42MW of solar energy assets in the south of England between 2023 and 2024.
In Australia, in partnership with the Leeson Group, BNRG is developing a portfolio of 135 MW of solar projects co-located with 220MWh of battery storage.
The first five projects, comprising 35 MW will commence construction in mid 2023. In all, BNRG expects to commence construction on over 200MW next year.
(Pic: Getty Images)
