Bord na Móna restored 5,500ha of natural peatlands over the past 12 months, according to the company’s annual financial results.
This is part of the business’ broader plan to rehabilitate up to 33,000ha of peatland over a five-year period.
“We have successfully rehabilitated 14,000ha to date as part of our Peatlands Climate Action Scheme,” Tom Donnellan, chief executive of Bord na Móna, said.
“This scheme will harness the natural power of peatlands to secure a store of circa 100 million tonnes of carbon in perpetuity, cut emissions, and sequester more in the coming years,” he added.
Donnellan said that the company achieved “yet another significant milestone” this year with the closure of the last remaining briquette factory at Derrinlough.
He said this “represents the final stage in our commitment to cease peat harvesting, exhaust existing peat stocks for briquette production, completing our transition to a climate solutions and renewable energy company”.
Bord na Móna
The financial results for the year ended March 29, 2023, show that Bord na Móna recorded an operating profit of €95.2 million, up from €78.9 million in the previous 12 months.
Profit after tax stood at almost €101 million, and earnings before interest, taxes, depreciation, and amortisation (EBITDA), including the contribution from joint ventures, was €139 million,
up from €121 million in the prior year.
“This was driven by the accelerated shift into low-carbon activities and the strong performance of Bord na Móna’s renewable energy, recycling and waste businesses,” Donnellan said.
During the past 12 months, the business invested €150 million in renewable capital projects, including wholly owned projects and joint ventures.
Construction commenced on both the Derrinlough wind farm and the Timahoe North solar farm.
The Cloncreen wind farm and the company’s joint venture Oweninny phase two wind farm both became operational during the year, representing an overall investment of €250 million.
The business also entered into a partnership with Ocean Winds to develop its first off-shore wind farms.
As part of Bord na Móna’s 10-year plan, the business plans to invest €2.7 billion in sustainable energy infrastructure and generating assets.
The financial results also show that €21.7 million was paid by Bord na Móna in dividends to the Irish government this year.
The business expects to pay €28.7 million in dividends during the coming financial year.
“The financial performance achieved over the past 12 months places the company in a strong position. It allows us to further invest in and develop our renewable energy and climate solutions business,” Donnellan said.
“We have successfully created that future for a financially robust company, continuing to sustain employment for 1,400 employees into the future,” he added.