AIB invests in Irish solar developer with 2.7-GW active pipeline

The principal investment arm of Allied Irish Banks, or AIB Group Plc (ISE:A5G), has injected EUR 8.5 million (USD 9m) in BNRG, a domestic solar developer and operator with an active project development pipeline of 2.7 GW.

The Irish lender said on Tuesday that its investment will support BNRG towards its goal of having 1.8 GW solar power capacity in operation or under construction by 2025. The Dublin-based company’s projects are located across Ireland, the US, the UK and Australia.

At present, BNRG has 23 MW of operating plants in the US and intends to start building more than 200 MW of new solar farms at various locations next year. These include 70 MW of projects in Maine and 55 MW in Ireland’s Cork and Kildare counties, which will enter construction in the next few months.

The projects are the result of an existing partnership with sustainability-focused investor Impax Asset Management Group Plc (LON:IPX) for the co-development of solar project portfolios, with an initial focus on the US and Ireland.

In mid-2023, the Irish firm will start building 35 MW of solar farms in Australia together with Leeson Group from a 135-MW portfolio with 220 MWh of co-located batteries. In the UK, its short-term plan is to install 42-MW of Contracts for Difference (CfD) backed projects between 2023 and 2024.

(EUR 1.0 = USD 1.062)

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