Bord na Móna has announced that it will today (17 July) unveil a €1.2 billion investment programme with a 'major focus on renewable energy projects'.
The investment programme is designed to continue the company's transformation and the money is due to be deployed between now and 2030. It will be funded by a €150 million revolving credit facility, reported Independent.ie.
The Semi-state commercial company has reportedly been broadening its activity beyond its traditional role in peat and is looking to diversify into the solar and biomass sectors.
Turnover dropped '6% year-on-year to €406m and earnings before interest, taxation, depreciation and amortisation (EBITDA), excluding exceptional items, dropped 17.9pc to €82.1m'.
Mike Quinn, chief executive, Bord na Móna said those figures were better than the company had expected, given that it was the first full year operating without a public subsidy the company had received for its role in peat electricity.
Quinn said that development of new wind energy projects will continue on a strong expansionary track in the coming years.
'Apart from wind energy we will also be investing to diversify into other sources of renewable energy including biomass and solar power,' Quinn said. 'We will also be investing in the further development of the domestic and overseas biomass supply chain.'
© 2017 - Checkout Magazine by Donna Ahern