Bank of Ireland launches eco-fund

Renewables growth is thought to be central to the country meeting its Kyoto target next year.

The fund is one of a series of initiatives launched by the bank to boost environmental spending.

A commitment to the scheme was made following the recapitalisation of Irish banks by the government earlier this month, which was welcomed by the lender.

Andrew Cullen, head of renewables finance at the bank, suggested that the new fund will complement its current energy projects.

He said: “We currently hold an Irish portfolio of over 150 megawatts and look forward to significantly increasing this over the coming 12 months.

“Within an Irish context, there is a growing interest in wind energy projects, primarily onshore and we are currently funding wind farms in Cavan, Cork, Donegal, Kerry, Louth, Mayo and Sligo.”