The bank and NTR, a developer of renewable energy projects, inked a Corporate Power Purchase Agreement (CPPA) back in 2022 to source electricity from two solar farms in Co. Wexford, which NTR has since constructed.
In the upcoming months, Enniscorthy's second solar farm is scheduled to go online.
The bank said that once both farms are running, they will supply up to 80% of the power required to run its network of over 270 retail and office buildings, as well as contribute extra generation capacity to the national grid.
According to the report, the two farms would produce 21.4 GWh of new renewable energy.
“We are delighted to see our partnership with NTR now delivering solar energy from a fully traceable renewable energy source and look forward to more solar energy coming on stream in coming months,” stated Colin Hunt, CEO of AIB.
“As we work together to safeguard our people, our planet, and our prosperity from the detrimental effects of climate change, the Corporate Power Purchase Agreement is in line with government policy to harness additional private sector investment in renewable energy technologies in Ireland, to ensure the security of renewable energy supply, and to reduce greenhouse gas emissions,” he continued.
The bank stated that Ireland's long summer days, especially in the sunny south-east of the country, made solar a vital resource for Ireland to exploit as visible light powers solar panels.
According to the statement, the bank will have a verified sustainable energy supply for 15 years at a set price thanks to the arrangement with NTR.