Saturday, 16 August 2025
Bank of Ireland Invests £80m in Major Offshore Wind Farm Project In a significant green finance move, Bank of Ireland has announced a commitment of £80 million (€93.5 million) to support the development of East Anglia 3, set to become the world’s second-largest offshore wind farm when completed in 2026. Why Offshore Wind Matters Now […]
In a significant green finance move, Bank of Ireland has announced a commitment of £80 million (€93.5 million) to support the development of East Anglia 3, set to become the world’s second-largest offshore wind farm when completed in 2026.
As global temperatures continue to rise and extreme weather events become more frequent, the urgency to transition away from fossil fuels has intensified. Offshore wind offers a scalable and proven solution to decarbonize energy systems, particularly for countries with long coastlines like the UK and Ireland. Projects like East Anglia 3 are not just about power generation, they’re part of a much larger strategy to curb emissions, meet climate targets under the Paris Agreement, and ensure energy security in an increasingly volatile geopolitical landscape.
East Anglia 3 is currently under construction approximately 70 miles off the English coast in the North Sea. Once operational, the wind farm will have the capacity to generate around 1.4 gigawatts (GW) of clean electricity, which is enough to power more than 1.3 million homes.
The project will feature 95 wind turbines, each standing approximately 85 metres tall, with energy transmitted to shore via an extensive undersea cable network.
Construction on East Anglia 3 officially began in April 2025, and offshore activity is already underway. The project is being delivered by a consortium of international lenders, and is expected to be completed and fully operational by 2026.
Bank of Ireland is partnering with 23 other major financial institutions, as well as the Export and Investment Fund of Denmark (EIFO), to jointly structure the financing required for the delivery of East Anglia 3.
This £80 million investment represents one of the largest green financing commitments ever made by Bank of Ireland. It builds on the bank’s previously announced £98 million investment in Inch Cape, a 1.1 GW offshore wind farm being developed off the coast of Scotland.
“East Anglia 3 is exactly the kind of transformative investment that Bank of Ireland aims to support, one that drives innovation, accelerates the energy transition, and delivers lasting environmental and social benefits,” said John Feeney, Chief Executive of Bank of Ireland’s Corporate and Commercial Banking division.
Feeney also emphasized that the project aligns with the bank’s growing expertise in large-scale international renewable energy financing, positioning it as a key player in the offshore wind sector.
Although East Anglia 3 is located off the English coast, Bank of Ireland’s involvement underscores Ireland’s growing influence in global climate finance. Ireland is emerging as a key player not only in renewable energy development but also in financing and policy leadership. This cross-border collaboration signals how national banks can have international environmental impact.
This investment contributes to Bank of Ireland’s wider environmental strategy. The bank has pledged to provide €30 billion in sustainability-related lending by 2030, with over €15 billion already committed by early 2025.
The East Anglia 3 project is a key component of the UK’s broader strategy to expand its renewable energy capacity and meet net-zero carbon targets.
Project Name: East Anglia 3
Bank of Ireland Investment: £80m (€93.5m)
Total Capacity: ~1.4 GW (1,400 MW)
Homes Powered: Over 1.3 million
Number of Turbines: 95
Construction Start: April 2025
Expected Completion: 2026
Consortium: 24 international financial institutions including EIFO
Previous Bank of Ireland Green Investment: £98m in Inch Cape wind farm
Bank of Ireland’s £80 million investment in East Anglia 3 marks a significant step in its commitment to supporting large-scale renewable energy projects. As the second-largest offshore wind farm in the world upon completion, East Anglia 3 will play a vital role in advancing the UK’s clean energy targets and reducing carbon emissions on a massive scale.
This investment not only reflects the bank’s confidence in the future of offshore wind but also reinforces its broader sustainability strategy, with more than €15 billion already allocated toward its €30 billion target in green financing by 2030. By backing projects of this scale and impact, but also across borders, Bank of Ireland is helping to shape a more sustainable, low-carbon future for both Ireland and the wider international community.
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