AIB invests €8.5m in solar developer and operator BNRG
AIB has invested €8.5m in BNRG, an Irish-based developer and operator of solar energy projects globally. BNRG currently has a solar development pipeline of 2.7 GW across Ireland, the USA, UK and Australia, in addition to 23 MW of operating assets in the USA. AIB’s investment will help fund BNRG’s ongoing development pipeline, which aims to have 1.8 GW of solar energy products installed or under construction by 2025.
AIB’s investment follows a recent partnership between Impax Asset Management and BNRG to deliver portfolios of solar energy projects, with an initial focus on the US and Ireland. In the US, BNRG aims to take 70 MW of projects into construction 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 totalling 55 MW in Cork and Kildare, with construction expected to commence early next year. These contracts will ensure material savings for electricity consumers.
BNRG has also recently re-entered the UK, after a period of success between 2011 and 2017. Recent success in the UK government’s ‘Contracts for Difference’ auction will allow a portfolio comprising 42 MW in the South of England to be constructed 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.
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 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”
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.”