Bank of Ireland Commits £80m (€93.5m) to East Anglia 3 offshore wind farm.
Bank of Ireland has announced a £80m (€93.5m) commitment to East Anglia 3, an offshore wind farm that is set to become the second largest in the world when it begins operation next year.
Located in the North Sea, approximately 70 miles off the east coast of England and opposite the Dutch coastline, East Anglia 3 will have a projected capacity of 1.4 gigawatts. This is enough clean energy to power more than 1.3m homes.
“East Anglia 3 is exactly the kind of transformative investment that Bank of Ireland aims to support, one that drives innovation, accelerates the energy transition, and delivers lasting environmental and social benefits”
The wind farm will feature 95 offshore wind turbine generators and a single offshore converter station. Electricity will be transmitted to the UK mainland via subsea cables.
Offshore construction began in April with the installation of the first foundation, each measuring up to 85 metres in length and weighing as much as 1,800 tonnes.
Largest green investment to date
Bank of Ireland is acting as Joint Mandated Lead Arranger alongside 23 other major banks and the Danish Export Credit Agency (EIFO). The bank helped design and structure the financing for the project and committed a portion of the loan amount.
East Anglia 3 is one of Bank of Ireland’s largest green investments to date. It follows the bank’s £98m financing commitment to Inch Cape, a 1.1-gigawatt wind farm being developed off the east coast of Scotland by Red Rock Renewables and Ireland’s ESB.
Bank of Ireland has set a target of €30bn in sustainability-related lending to households and businesses by 2030. It reached €15bn in the first quarter of this year, achieving its end-2025 target ahead of schedule.
“East Anglia 3 is exactly the kind of transformative investment that Bank of Ireland aims to support, one that drives innovation, accelerates the energy transition, and delivers lasting environmental and social benefits,” said John Feeney, Chief Executive of Bank of Ireland’s Corporate and Commercial Banking division.
“This project builds on our proven track record in renewable energy financing, and we will draw on our growing portfolio and expertise in large-scale international projects to help shape and support the future of offshore wind in Ireland.”
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