Irish bank to receive funding aimed at renewable power

The European Investment Bank (EIB) is considering a loan to Allied Irish Bank, which would be designated for investment in renewable energy projects in Ireland.

A total of $134m would be provided for the promotion of small-scale onshore wind, biomass, hydro and solar plants, the EIB said on its website, although the finance is first subject to EIB board approval.
Ireland is boosting renewable plants such as wind on land and at sea to add jobs and spur the economy by exporting the power to the U.K. and northwest Europe. It has a goal to get 16 per cent of all energy from renewable sources by 2020, from 6.5 per cent in 2011.

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