The principal investment arm of Allied Irish Banks, or AIB Group Plc (ISE:A5G), has injected EUR 8.5 million (USD 9m) in BNRG, a domestic solar developer and operator with an active project development pipeline of 2.7 GW.
The Irish lender said on Tuesday that its investment will support BNRG towards its goal of having 1.8 GW solar power capacity in operation or under construction by 2025. The Dublin-based company’s projects are located across Ireland, the US, the UK and Australia.
At present, BNRG has 23 MW of operating plants in the US and intends to start building more than 200 MW of new solar farms at various locations next year. These include 70 MW of projects in Maine and 55 MW in Ireland’s Cork and Kildare counties, which will enter construction in the next few months.