THE Bank of Ireland has committed to investing £80m in support of a major new offshore wind farm which is due to begin operating next year.
The Irish bank is contributing €93.5m (£80m) as part of a consortium of international lenders backing the East Anglia 3 site – which will become the world’s second largest when it enters operation in 2026.
Located in the North Sea, about 70 miles off the east coast of England and roughly opposite the Dutch coastline, the wind farm has a projected capacity of 1.4 gigawatts of clean energy, which is enough to power the equivalent of more than 1.3 million homes.
When completed, East Anglia 3 will comprise 95 offshore wind turbine generators and a single offshore converter station.
Electricity generated at the site will be transmitted to the UK mainland via subsea cables.
Offshore construction began in April of this year, with the installation of the first foundation, each measuring up to 85 metres in length and weighing as much as 1,800 tonnes.
As Joint Mandated Lead Arranger, Bank of Ireland has worked with 23 other major banks and the Danish Export Credit Agency (EIFO) to help design and structure the financing for the project as well as committing a portion of the loan amount.
“East Anglia 3 represents one of Bank of Ireland’s largest green investments to date 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 Ireland’s ESB,” a spokesperson for the bank said.
“Bank of Ireland is targeting €30 billion in sustainability-related lending to households and businesses by 2030. It reached €15 billion during the first quarter of this year, achieving its end-2025 target ahead of schedule,” they added.
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 described their investment as “one that drives innovation, accelerates the energy transition, and delivers lasting environmental and social benefits”.
“This project builds on our proven track record in renewable energy financing, and 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,” he explained.
The East Anglia 3 project, which is wholly owned by ScottishPower Renewables, is the second of four East Anglia projects to be developed by the utilities firm, which is part of the Iberdrola group.
Construction work on the project began in 2022 and is set to be completed by the end of 2026.