- BNRG has raised a financing of €8.5 million from the AIB to help fund its portfolio expansion
- It claims to be currently on track to construct 2.8 GW capacity in 4 markets by 2024-end
- AIB might convert the loan into an equity in the future depending on BNRG’s plans to go public
Ireland based solar power projects developer and operator BNRG Renewables Ltd has secured €8.5 million financing facility from the Allied Irish Banks (AIB) to fund a pipeline of new PV projects as it claims to be on track to construct 2.8 GW by 2024-end in 4 major markets.
BNRG Chief Executive David Mcguire shared with local media that the AIB may consider converting the loan into equity if the company plans to go public in 2023. Going to the market is on the horizon for BNRG as it strategizes to hold on to its assets and become an independent power producer (IPP) sometime in the near future since it is a capital-intensive proposition.
Its portfolio includes 55 MW PV capacity won under Ireland’s contract for difference (CFD) Renewable Energy Support Scheme 2 auction out of 1.53 GW solar awarded in the round (see Ireland Selects 1.9 GW+ Under RESS 2 Auction).
Another 70 MW it plans to construct is in Maine, US, along with 42 MW BNRG plans to construct in England somewhere between 2023 and 2024. An additional 135 MW solar capacity in Australia is to be co-located with 220 MWh battery storage under partnership with Leeson Group.
Recently, AIB became the 1st corporate in Ireland to sign up for a power purchase agreement (PPA) to procure 21.4 GWh solar power supply from NTR for its retail and office network of over 270 properties (see AIB Signs Ireland’s Maiden Corporate Solar Power PPA).