Bank of Ireland putting more than €90m into offshore wind farm
is lending £80 million (€91.6 million) for an offshore UK wind farm in one of its largest
green investments
to date. The bank is part of a consortium of international lenders backing what will be the world's second largest offshore wind farm when it comes into operation next year.
Located in the North Sea, East Anglia 3 is about 70 miles off the east coast of England and roughly opposite the Dutch coastline. It will have a projected capacity of 1.4 gigawatts of clean energy, enough to power the equivalent of more than 1.3 million homes.
When completed, it will feature 95 offshore wind turbine generators and an offshore converter station.
Electricity generated will be transmitted to England via subsea cables. Offshore construction began in April with each foundation measuring up to 85 metres in length and weighing as much as 1,800 tonnes.
READ MORE
Bank of Ireland worked with 23 other banks and the Danish Export Credit Agency to design and structure financing for the project.
Along with its £98 million financing commitment to Inch Cape, a 1.1 gigawatt wind farm being developed off the east coast of Scotland by Red Rock Renewables and the ESB, Bank of Ireland said East Anglia 3 was its largest green investments to date.
The bank is targeting €30 billion in sustainability-related lending to households and businesses by 2030. It reached the halfway point of that target during the first quarter of this year.
John Feeney, chief executive of Bank of Ireland's corporate and commercial banking division, said East Anglia 3 is 'exactly the kind of transformative investment that Bank of Ireland aims to support'.
He said it would 'drive innovation, accelerate the energy transition and deliver lasting environmental and social benefits'.
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Irish Times
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Supermarket profit margins ‘not notably high' despite rising prices, watchdog says
Supermarket profit margins in Ireland are 'not notably high', the consumer protection watchdog has said, despite figures showing grocery prices are currently rising at nearly three times the general rate of inflation. A new report on the grocery sector by the Competition and Consumer Protection Commission (CCPC) also says retailers are absorbing some of the cost pressures rather than passing them fully on to Irish consumers in contrast to the experience elsewhere in the European Union. The report showed Tesco Ireland's profit margin for the year to February was 3.7 per cent, down from 4 per cent; Musgrave 's profit margin in 2023 was 2.4 per cent, down from 2.5 per cent; while Aldi 's was 0.8 per cent in 2023, down from 0.9 per cent. 'Thus, all three groups have reported declining profitability, albeit marginal, in their latest financial results,' the watchdog said. READ MORE Dunnes and Lidl do not publish accounts for their Irish operations, but Lidl's UK accounts, which combine UK and Irish activities, show a profit margin of 2.1 per cent in its latest financial year. The CCPC said profit margins for Irish supermarkets 'align closely' with those observed in the UK and other parts of Europe. For instance, both Sainsbury's and Asda reported profit margins of approximately 3 per cent for the 2023/24 period. In Denmark, the Salling Group achieved a margin of 3.7 per cent in 2024, while the largest supermarket chain in the Netherlands reported a margin of 4 per cent. The CCPC also said supermarket margins are 'notably lower' than those of some producers within the market. For example, Unilever reported a margin of 18.4 per cent in 2024, up from 16.7 per cent in 2023. Similarly, Kerry Group maintained a margin of 11.2 per cent in 2024, a slight decrease from 11.3 per cent in 2023. Glanbia also showed strong performance with a margin of 14.4 per cent in 2024, up from 13.6 per cent the previous year. The CCPC noted Irish consumers are experiencing a 'sharp increase' in grocery prices, but said Ireland's rate of grocery price inflation has been below the EU average for 15 of the past 16 years. It acknowledged Irish consumers have experienced a 27 per cent increase in prices since 2021, but said this remains below the EU average where grocery prices have increased by 35 per cent over the same period. Just four EU member states have experienced smaller price increases since 2021, it noted. The watchdog said grocery inflation in Ireland has 'mostly been lower' than the EU in recent years, with EU and Irish inflation rates in close alignment since 2024. Data from the CSO shows Irish grocery prices were 14 per cent higher than the EU average in 2024. This gap has reduced since 2003 when Irish prices were 30 per cent higher. The CCPC said higher prices here must be considered within the context of structural factors within the Irish economy such as higher wages, remote geographic location, and higher costs in sectors such as construction, legal services and insurance. 'Overall, the high-level inflation figures do not suggest any significant market problems in the Irish grocery retail sector,' it said. 'If anything, the evidence suggests that Irish consumers have experienced significant price benefits compared to European counterparts.' The report said Ireland has experienced 'significant cumulative price increases' since 2019 in import prices, agricultural commodity prices and producer prices, but noted that retail prices have increased at a much slower pace. 'This may indicate that retailers are absorbing some of the cost pressures rather than passing them fully on to Irish consumers,' the watchdog said. 'This pattern is not reflected in the EU where increases in the retail price of food have tended to more closely follow agricultural and producer prices.'
Irish Times
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Twenty five years on, is Ireland still closer to Boston than Berlin ?
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Irish Times
6 hours ago
- Irish Times
Bank of Ireland putting more than €90m into offshore wind farm
Bank of Ireland is lending £80 million (€91.6 million) for an offshore UK wind farm in one of its largest green investments to date. The bank is part of a consortium of international lenders backing what will be the world's second largest offshore wind farm when it comes into operation next year. Located in the North Sea, East Anglia 3 is about 70 miles off the east coast of England and roughly opposite the Dutch coastline. It will have a projected capacity of 1.4 gigawatts of clean energy, enough to power the equivalent of more than 1.3 million homes. When completed, it will feature 95 offshore wind turbine generators and an offshore converter station. Electricity generated will be transmitted to England via subsea cables. Offshore construction began in April with each foundation measuring up to 85 metres in length and weighing as much as 1,800 tonnes. READ MORE Bank of Ireland worked with 23 other banks and the Danish Export Credit Agency to design and structure financing for the project. Along with its £98 million financing commitment to Inch Cape, a 1.1 gigawatt wind farm being developed off the east coast of Scotland by Red Rock Renewables and the ESB, Bank of Ireland said East Anglia 3 was its largest green investments to date. The bank is targeting €30 billion in sustainability-related lending to households and businesses by 2030. It reached the halfway point of that target during the first quarter of this year. John Feeney, chief executive of Bank of Ireland's corporate and commercial banking division, said East Anglia 3 is 'exactly the kind of transformative investment that Bank of Ireland aims to support'. He said it would 'drive innovation, accelerate the energy transition and deliver lasting environmental and social benefits'.
