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Irish Independent

Bank of Ireland backs world's second-largest offshore windfarm with £80m commitment

The project, which is located approximately 70 miles off the English coast in the North Sea, is currently being delivered by a consortium made up of international lenders. Once fully operational, East Anglia 3 will have the capacity to generate approximately 1.4 gigawatts of electricity, which is the equivalent of supplying over 1.3 million homes with clean, renewable power. The completed site will feature a total of 95 wind turbines Construction officially commenced in April of this year, and offshore activity is already well underway. The completed site will feature a total of 95 wind turbines, each of which will stand at a height of approximately 85 metres. The electricity generated by the turbines will be transmitted to shore through an extensive system of undersea cabling. Bank of Ireland has partnered with a total of 23 other major banking institutions, alongside the Export and Investment Fund of Denmark (EIFO), in order to jointly co-ordinate and structure the financial framework required for the delivery of the project. East Anglia 3 represents one of the largest 'green' investments undertaken by Bank of Ireland to date. It coincides with the bank's previously announced £98m financing commitment to Inch Cape, a 1.1 gigawatt offshore, a windfarm currently under development off the coast of Scotland. This project builds on our proven track record in renewable energy financing John Feeney, chief executive of Bank of Ireland's Corporate and Commercial Banking division, expressed his support for the development. 'East Anglia 3 is exactly the kind of transformative investment that Bank of Ireland aims to support, one that drives innovation, accelerates the energy transition, and delivers lasting environmental and social benefits,' he said. 'This project builds on our proven track record in renewable energy financing. We will draw on our growing portfolio and expertise in large-scale international projects to help shape and support the future of offshore wind in Ireland.' As part of its broader environmental and sustainability strategy, the bank has set itself an ambitious target of providing €30bn in sustainability-related lending by the year 2030. The bank has already committed over €15bn by the early part of 2025.