Allied Irish Banks in Line for European Loan for Renewable Power

Allied Irish Banks Plc is in line for a 100 million-euro ($134 million) loan from Europe to finance renewable projects as Ireland promotes clean power.

The European Investment Bank is studying the loan for the Dublin-based bank to finance small-scale onshore wind, biomass, hydro and solar plants, the EIB said on its website. The projects will cost about 200 million euros in total.

Ireland is boosting renewable plants such as wind on land and at sea to add jobs and spur the economy by exporting the power to the U.K. and northwest Europe. It has a goal to get 16 percent of all energy from renewable sources by 2020, from 6.5 percent in 2011. The loan requires EIB board approval.