- Operating profit of €106.7 million achieved in FY24, increased from €95.2 million in FY23
- Growing climate solutions and renewable energy projects underline success of Brown to Green Strategy
- Record financial performance positions Bord na Móna to become the largest renewable energy provider in the State, supporting the delivery of a 5GW renewable energy pipeline
Newbridge, 24 July: Bord na Móna has delivered its highest ever operating profit of €106.7 million for the financial year 2024 (March ’23 – April ’24) reflecting the successful completion of Bord na Móna’s Brown to Green transition and the continued, profitable growth from its renewable energy, recycling and climate solutions operations.
Bord na Móna’s Brown to Green strategy has seen the company conclude all former peat operations and use of peat as an energy source in its operations, while evolving as a leading provider of renewable energy and climate solutions in Ireland today. The completion of this transformation was marked in December 2023, when Bord na Móna ended the use of peat at its Edenderry Power Station and invested €100 million in its decarbonisation and transition to 100% biomass.
Profit for FY24 included a one-off gain from the sale of Bord na Móna’s 50% stake in Electricity Exchange DAC at a profit of €7.3 million and the profit of €57.1 million realised on entering a strategic partnership with SSE Renewables in March 2024. These results reflect the strong performance in Bord na Móna’s core renewable energy business, with operating profit increasing from a previous record €95.2 million in FY23.
Bord na Móna’s strong financial performance is positioning the business to become a leader in decarbonising the Irish economy, with the ability to invest in the delivery of a 5GW renewable energy pipeline over the coming years. The scale of this pipeline means Bord na Móna is now on track to become the biggest renewable energy provider in the country and will be making a substantial contribution to the renewable energy goals set out in Ireland’s Climate Action Plan.
FY24 Business Milestones
Over the past 12 months, Bord na Móna has invested a further €164 million in renewable energy projects, with €133 million wholly owned by the company and €31 million in joint venture projects. This includes the successful launch of the second phase of the Oweninny Wind Farm with joint venture partner ESB, representing a joint investment of €320 million. Oweninny is now the country’s largest wind farm with a total installed capacity of 192MW – enough to meet the energy needs of over 140,000 Irish homes.
This is in addition to the joint venture launched with SSE Renewables, which will deliver up to 800MW of new renewable energy projects and will become one of the largest onshore renewable energy joint ventures in the history of the State, with up to €1 billion of investment over the next seven years. When completed, this portfolio is expected to generate enough electricity to power half a million homes and will also offset half a million tonnes of carbon emissions each year.
Bord na Móna also invested in a significant partnership with Gas Networks Ireland in April 2024 to develop a 22km steel transmission pipeline to connect Bord na Móna’s Edenderry Renewable Energy Complex to the national gas network. Once fully operational in 2029, this pipeline will result in a reduction of approximately 40% in CO2 emissions through the conversion of existing flexible diesel generation assets to natural gas. The Edenderry Power Plant plays a key role in supplying 118MW of electricity to the national energy grid during periods of high demand when solar and wind energy availability is limited, and this development will ensure the plant is operating even more sustainably, as one of the largest on-demand renewable electricity generators in Ireland.
In the past financial year, Bord na Móna has also continued to advance the construction of its first solar farm at Timahoe North, alongside joint venture partner ESB, as well as the construction of Derrinlough Wind Farm and the Cloncreen Battery project.
Additionally, Bord na Móna has made further progress on the rehabilitation of its peatlands, with almost 4,000 hectares of peatlands being restored over the last 12 months, as part of the company’s Peatlands Climate Action Scheme (PCAS.) This scheme is not only returning these peatlands to areas of great natural beauty and thriving biodiversity, but it is also harnessing the power of the peatlands to secure a store of around 100 million tonnes of carbon on completion of PCAS.
Investing in sustainable industrial growth
The strong profits generated in FY24 enabled considerable investment in May 2024 in the launch of the first Bord na Móna Eco Energy Park, with Amazon Web Services announced as the first business to join the park. The Eco Energy Park is a first of its kind in Ireland and will allow Bord na Móna to support large-scale industrial growth and development in Ireland while enhancing the national grid. This park will be part of a wider range of Eco Energy Park developments that will transform approximately 3,000 hectares of Bord na Móna’s landbank to co-locate large companies from a range of industries (i.e. manufacturing, pharmaceutical, ICT, transport) with a variety of renewable energy technologies, helping companies to deliver low-carbon growth in their operations, whilst contributing to associated enterprise, community initiatives, local amenities, and the local natural environment.
Investing in enterprise & community
Bord na Móna’s financial performance has enabled its continued investment in a range of initiatives supporting local communities, former colleagues and rising entrepreneurs throughout the country. Since launching in 2022, 42 green innovators from across Ireland have completed Bord na Móna’s Accelerate Green business accelerator programmes which will continue supporting scaling businesses until 2025.
Additionally, Bord na Móna launched its New Beginnings: Start Your Own Business Programme last year to help employees who formerly worked in peatland operations to pursue independent business ventures which positively contribute to local enterprise growth in the midlands – 10 entrepreneurs have now completed the QQI and NFQ Level 5 accredited programme and are in the process of establishing their businesses.
Bord na Móna also invested in excess of €1 million in community benefit funds over the past year connected to renewable energy and waste management projects. These funds provide important support for near neighbours, sports clubs, schools and community groups, as well as not-for-profit groups and projects that deliver invaluable services and supports to the communities in which they are rooted.
Commenting on the company’s financial performance, Chief Executive Tom Donnellan said,
“Bord na Móna’s strong performance has delivered our highest ever operating profit of €106.7 million. Our current financial positioning will be the enabler of further investment and innovation which will secure both the future of the business, as we develop our 5GW renewable energy pipeline, and support Ireland’s clean energy capability as we chart a path to net zero emissions by 2050.
“In the last year, we have achieved many important milestones during the successful delivery of our Brown to Green strategy, with the final unit of electricity generated from the burning of peat at Edenderry Power Station at the end of 2023. This opened a new chapter for Bord na Móna, as we continue our journey as a climate solutions and renewable energy company supporting Ireland’s progression towards a climate neutral future.
“Bord na Móna’s new and existing joint ventures and partnerships with companies including ESB, SSE Renewables and Ocean Winds are playing a crucial role in bolstering our ability to deliver our 5GW renewable energy pipeline, and we will continue to explore new partnerships that contribute to our performance as a business and importantly deliver positive and sustainable outcomes for the state.”
“Bord na Móna’s strong performance has delivered our highest ever operating profit of €106.7 million. Our current financial positioning will be the enabler of further investment and innovation which will secure both the future of the business, as we develop our 5GW renewable energy pipeline, and support Ireland’s clean energy capability as we chart a path to net zero emissions by 2050.”