AIB has invested €8.5 million in BNRG, an Irish-based developer and operator of solar power projects globally.
BNRG currently has a solar development pipeline of 2.7 GW in Ireland, USA, UK and Australia, in addition to 23 MW of operational assets in the USA.
AIB’s investment will help fund BNRG’s ongoing development pipeline, which aims for 1.8 GW solar energy Products installed or under construction by 2025.
AIB’s investment follows a recent partnership between Impax Asset Management and BNRG to deliver a portfolio of solar power projects with an initial focus on the US and Ireland. In the US, BNRG aims to start construction of 70 MW of projects in Maine in the coming months. In Ireland, BNRG was recently successful in winning CFD (Contract for Difference) contracts in the Renewable Energy Support Scheme 2 auction for four projects totaling 55 MW each in Cork and Kildare, with construction expected to start early next year . These contracts will ensure material savings for the power consumers.
After a period of success between 2011 and 2017, BNRG have recently re-entered the UK. Recent success in the UK government’s ‘Contracts for Difference’ auction will allow a 42 MW portfolio to be built in the south of England between 2015 and 2023. 2024. In Australia, in partnership with Leeson Group, BNRG is developing a portfolio of 135 MW solar projects located with 220MWh battery storage. The construction of the first five projects of 35 MW will start in mid-2023. In total, BNRG is expected to start construction on more than 200 MW next year.
David Maguire, Chief Executive Officer and Founder, said: “BNRG welcomes this investment from AIB, an Irish financial institution that has demonstrated a clear commitment to helping the fight against climate change. Will help accelerate portfolio growth, expand our activity in multiple jurisdictions and globally.
Finlay McFadden, AIB Head of Investment Banking, said: “AIB is delighted to partner with BNRG, a leading Irish solar developer and operator. This investment is part of AIB’s ambitious strategy to address climate change by providing funding to companies and projects that We help address the challenges of change, helping to build a cleaner and more sustainable future. This will benefit our economy and society.”