AIB has announced that it is buying renewable energy from a newly constructed solar farm in Co. Wexford.
The solar farm in Gorey is now fully operational, while a second solar farm, based in Enniscorthy, is due to come on stream in coming months.
It means that up to 80% of the bank’s electricity needs will be certified to fully traceable solar sources when the second site is also operating.
Solar farm
In 2022, AIB signed a virtual corporate power purchase agreement with NTR, an experienced developer of renewable energy projects, to source energy generated from two solar farms in Wexford which NTR has now constructed.
The agreement also ensures the bank will have a certifiable sustainable energy supply at a fixed price for 15 years.
The two solar farms combined will create 21.4GWh of new renewable energy and will provide additional generation capacity to the national grid.
AIB has set a target to ensure 100% of its power requirements come from certified renewable energy sources by 2030.
The bank also wants 70% of its new lending to be “green or transition” by the end of the decade and has been accelerating the rollout of products and services that assist customers in reducing their carbon emissions.
AIB chief executive Colin Hunt said: “We are delighted to see our partnership with NTR now delivering solar energy from a fully traceable renewable energy source and look forward to more solar energy coming on stream in coming months.
“The Corporate Power Purchase Agreement is in line with government policy to harness additional private sector investment in renewable energy technologies in Ireland, to ensure security of renewable energy supply and to reduce greenhouse gas emissions as we collectively seek to protect our people, our planet and our prosperity from the negative impacts of climate change,” he added.
NTR chief executive Rosheen McGuckian said that the power purchase agreement with AIB “acted as an important catalyst to the successful delivery of these two solar projects”.