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European Investment Bank provides €155m loan to Bord Gáis for wind farms

It is expected that the new expansion programme will increase the operational wind capacity of Bord Gáis by more than 50 per cent.

Image: Photocall Ireland

THE EUROPEAN INVESTMENT Bank (EIB) has provided a €155 million loan to Bord Gáis to contribute to the construction and operation of six onshore wind farms.

The expansion programme which will take place in Tipperary, Clare and Kilkenny will represent a total investment of €311 million and is expected to be completed in 2013/2014.

It is expected the programme will increase the operational wind capacity of Bord Gáis wind farms from 234MW to 365MW, an increase of more than 50 per cent.

Vice President of the EIB Mihai Tanasescu said the bank was pleased to support the investment in renewable energy as it “uses a free natural resource that exists in abundance in Ireland and will create jobs across the country”.

This is the second major funding announcement from Bord Gáis this week following the success of the €500 million bond sale on 22 November.

Michael G O’Sullivan, Chief Financial Officer at Bord Gáis said both of these developments “demonstrate that investor confidence in Ireland and Irish companies has significantly improved”.

Bord Gáis owns and operates 132 wind turbines on 13 wind farms in eight counties and over the last five years the EIB has provided more than €1.4 billion for energy infrastructure in Ireland.

Related: Potential for 10,000 extra jobs in green economy by 2015 – Bruton>

Read: Engineer challenges legality of renewable energy plan in High Court>

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