Nov. 28 (Bloomberg) -- Bord Gais Eireann, an Irish utility, got a 155 million-euro ($200 million) loan from the European Investment Bank to finance wind-farm expansion plans.
The funds will help Cork-based Bord Gais build and operate six onshore farms with a total capacity of 141 megawatts, representing an investment of 311 million euros, the EIB said today in a statement.
The loan will be taken either as a nine-year facility repaid in one payment or as a 15-year amortizing loan, Christine Heffernan, a spokeswoman at Bord Gais, said by e-mail, declining to disclose the rate. “The terms are very good as the EIB operates on a not-for-profit basis,” she said.
Bord Gais is pushing for wind-power expansion as Ireland seeks to get 40 percent of its electricity from renewables by 2020, up from about 18 percent last year. The Luxembourg-based EIB, which backs clean-power investment across Europe, has provided more than 1.4 billion euros for energy infrastructure in Ireland in the past five years, according to the bank.
Bord Gais, which sold 500 million euros of bonds on Nov. 21, plans to complete the projects in Tipperary, Clare and Kilkenny counties in 2013 to 2014, according to the statement. They range from the 48-megawatt Kill Hill plant to the 6.9-megawatt Ballymartin I park, according to the company.
To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net
To contact the editor responsible for this story: Reed Landberg at email@example.com