Barclays Corporate has completed a £38m ($59m) funding deal so AES Kilroot Power Station in Northern Ireland can raise its efficiency and secure long-term financing.

AES Kilroot Power Station is a dual coal and oil fired plant with two generators, each capable of producing 300 MW when firing oil. Located on the north shore of Belfast Lough, east of Carrickfergus, Co. Antrim, it produces one third of the region’s electricity.

Niall Quinn, head of Structured Finance Ireland for Barclays Corporate, said bank used its experience in funding renewable power projects and regulated utility transmission lines in the refinance deal.

“Kilroot power station plays an important role in the local energy infrastructure and is an essential tool available to the market operator in managing system demand and security,” he said.

“It is important for us to be able to support our client with this significant funding line, as well as providing all future operational banking requirements.”

Mark Miller, managing director of AES Kilroot Power Limited, said that the arrangement would secure the plant’s long-term financing needs.

“They have demonstrated that they are a skilful strategic banking partner and we look forward to developing our relationship with them further,” he said.

For more business news click here