MUFG has supported ESB Wind Development and Bord na Mona Powergen in their EUR 170 million financing of the 89MW Oweninny wind farm in County Mayo, Ireland. The transaction adds to ESB's growing Irish renewable platform with 450 MW of operating capacity and Bord na Mona's involvement in renewable generating assets of circa 330 MW.

MUFG acted as Mandated Lead Arranger, Hedge Provider and L/C Issuing Bank for the transaction. The financing of this greenfield project demonstrates MUFG's commitment to support renewable energy development in Ireland.

Alongside MUFG, senior financing was provided by the European Investment Bank, AIB and BNP Paribas.

The Oweninny wind farm has planning permission for 61 wind turbines and is planned to be developed in two separate phases. This transaction relates to the financing of the construction of the phase 1 which comprises 29 Siemens 3.2MW turbines. Construction on the first phase has progressed well and is expected to begin commercial operations in October 2019. This wind farm will be eligible to receive government support under the Renewable Energy Feed in Tariff 2 support mechanism, which ensures a guaranteed price until 31 December 2032.

Carol Gould, Managing Director, Head of Power & Renewables Structured Finance team in EMEA, said: “This strategic transaction builds on the track record that we've built up since implementing our Irish renewables strategy. Having last year supported Brookfield Renewable's financing of two onshore wind farms, we're delighted to maintain this momentum in the Irish market and are looking forward to playing a role in the financing of similar opportunities in the coming years."

Kate Tuohy, Funding and Structuring Lead in the Asset Development team at ESB, said:

"We were delighted to work with MUFG along with our other funders on the financing of Oweninny. The project represents a significant milestone in the decarbonisation of ESB's portfolio and the delivery of Ireland's strategy of transitioning to a low carbon future."

Joe Coleman, Group Treasurer and Chief Risk Officer in Bord na Mona, said:

"This was a great project to be involved in, and a significant contributor to both companies' renewable energy strategies. Our thanks go out to MUFG and the other banks that provided funding for this flagship project.“

MUFG is a market leader in the European wind sector with unparalleled credentials in advising, arranging and lending on single asset and portfolio debt financings. MUFG was ranked #1 in the 2017 (#1 2016, 2015, 2013 & 2011) league tables for Global Project Finance Mandated Lead Arrangers published by PFI Magazine.