Pinsent Masons has advised AIB on a corporate power purchase agreement with NTR to buy energy from two new solar farms.
The contract will provide 80% of AIB’s energy requirements to service its 270 retail and office properties nationwide.
AIB is one of the first Irish companies to close such an agreement, which will help deliver on its commitment to source 100% of its power requirements from certified renewable energy sources by 2030.
Irish renewable energy company NTR will construct two solar farms in Enniscorthy and Gorey in Co Wexford, which will provide 21.4 GWh of renewable energy to the grid.
The Pinsent Masons team advising AIB on the project finance agreement was led by partners Garrett Monaghan and Ronan Lambe, assisted by senior associate John Scanlon.
Monaghan said the deal is a breakthrough agreement to commit to a long-term corporate power offtake.
“AIB is leading the way in terms of sustainability and we are delighted to have advised them on securing this landmark transaction, which, in addition to contributing to the Irish Government’s Climate Action Plan, ensures a secure sustainable energy supply at a fixed price for 15 years.”
AIB chief Colin Hunt (small picture) said the solar farms will guarantee that the electricity will be certified to a fully-traceable renewable solar energy source.