Everoze advises a banking consortium including the EIB for Oweninny wind farm

June 2018

We’re very pleased to have acted as lenders adviser to a consortium of banks for financing of the 89 MW Oweninny onshore wind farm in County Mayo, Ireland.  The banking group included the European Investment Bank (EIB), MUFG Bank, BNP Paribas and AIB.  The wind farm is the EIB’s largest ever investment in renewable energy generation in Ireland and the largest financing in Ireland to date under the Investment Plan for Europe.  The EIB are providing 50 % of the €160 m funding.

ESB and Bord na Móna developed the project together on land formerly used for peat harvesting by Bord na Móna and used as fuel at ESB’s Bellacorick peat fired power station, decommissioned in 2003.  The site is also home to Bellacorick wind farm, Ireland’s first commercial wind farm, established in 1992.  The Oweninny project continues the tradition of electricity generation at the site and represents a major achievement in the ESB and Bord na Móna shared commitment to a more sustainable future.  The project will add to ESB’s portfolio of 16 wind farms on the island of Ireland and contributes to Bord na Móna’s goal of reaching 1 GW of renewable energy assets by 2030.

The 3.2 MW Siemens turbines to be installed at the site illustrate the technology development that has taken place since the Bellacorrick Nordtank 300 kW and 450 kW models were installed back in 1992.  We’re looking forward to supporting the project further as lender’s adviser throughout the remainder of the construction phase.

Kate Tuohy, funding lead for ESB: “We’re excited about reaching financial close on the Oweninny project and are very appreciative of Everoze’s support throughout the process.  Over the next decade, we will replace high carbon emitting generation with low carbon and renewable alternatives, and Oweninny is a major milestone along that journey.”