The European Investment Bank (EIB) is partnering with the Bank of Ireland to co-finance a €100 million ($120.2 million) wind energy farm project.

The 75MW wind energy farm will be constructed by climate solutions firm Bord na Móna in the Irish town of Cloncreen in Co Offaly.

The project is expected to create some 100 jobs during construction phase and once complete and connected to the main grid, will produce enough clean energy to power some 55,000 households.

The project is expected to come online in 2022 and is the first renewable project under the Irish government’s Renewable Electricity Support Scheme (RESS) to receive financing. Through RESS, a number of government departments including the Department of Environment, Climate and Communications, the Commission for Regulation of Utilities and EirGrid are seeking private funding as well as providing government support to renewable electricity projects. The aim is to meet targets set under the National Energy and Climate Plan of producing 70% of the country’s energy using renewables by 2030.

The project will also help Bord na Móna to move a step closer to its objective of supplying approximately one third of Irish homes with renewable energy by 2030.

Bank of Ireland and the European Investment Bank are the Mandated Lead Arrangers for the project financing with each providing 50% debt.

Eoin McGuinness, senior director at Bank of Ireland Corporate Banking, said: “The company’s green energy strategy aligns with Bank of Ireland’s commitment to sustainable lending and this EUR 50 million funding commitment is one of our largest in the renewable sector to date.”

JP McGrath, chief fnancial officer and chief operating officer at Bord na Móna said: “Bord na Móna is in the business of climate solutions, using our land and renewable energy resources to create a cleaner, healthier environment for people here and also to help Ireland reach net zero by 2050. Climate action is the work of many decades to come and we are delighted to have the support of our finance partners in Bank of Ireland and the European Investment Bank as we progress this critically important mission.”