OWENINNY ONSHORE WIND FARM PHASE 2

Promoter – Financial Intermediary

BORD NA MONA PLC,ELECTRICITY SUPPLY BOARD

Location

• Ireland

Description

Construction and operation of an onshore wind farm with a total capacity of 83MW in County Mayo, Ireland.

Additionality and Impact

The financing of the project through the EIB will support the deployment of new renewable energy capacity in the Northwest of Ireland (a Cohesion region); crucial for the achievement of the targets set out in the National Energy and Climate Plan. The financing of this project also contributes to EIB's lending priority objectives on Renewable Energy, Climate Action, Environmental Sustainability (Pollution Prevention Control) as well as economic and social Cohesion.The project produces electricity from low carbon sources (onshore wind) and thereby reduces carbon emissions and air pollution, compared with fossil-fuel generation. It thus addresses the market failure of negative climate and environmental externalities. The generated electricity will receive support through a two-sided contract-for-difference floating premium stemming from a competitive auction process. As the project relies partially on revenues from the market, in a sector characterised by incomplete markets, the project improves market efficiency and competition.The operation is expected to yield good quality and results, due to avoided carbon emissions, fair employment creation and adequate governance arrangements by the promoter. The EIB's contribution will be most visible on the financial contribution side by accelerating the fundraising process and crowding in other financiers.

Objectives

The project will contribute to meeting the EU and Irish targets for energy generated from renewable energy sources.

Sector(s)

• Energy - Electricity, gas, steam and air conditioning supply

Proposed EIB finance (Approximate amount)

EUR 65 million

Total cost (Approximate amount)

EUR 150 million

Environmental aspects

The project is fully consented following an environmental impact assessment (EIA) process. The project has no significant negative impact on the integrity of any nature conservation site.

Procurement

The Bank will require the Promoter to ensure that contracts for the implementation of the project have been/shall be tendered in accordance with the relevant applicable EU procurement legislation (Directive 2014/25/EU), with publication of tender notices in the Official Journal of the EU, as and where appropriate.

Status

Signed - 21/09/2021