AIB invests €8.5m in solar energy firm BNRG to fund new projects

AIB would have the option of converting the loan to equity if the Irish company goes to the market to raise funding

David Maguire, chief executive of BNRG: the solar energy company is aiming to take 70 MW of projects into construction in Maine in the coming months. Picture: Bryan Meade

AIB has invested €8.5 million in BNRG, the Irish solar energy company, to help fund its pipeline of new projects.

The investment, which has been made by way of a convertible loan note, is to be largely directed towards progressing BNRG’s solar projects in Ireland and the US initially.

Speaking to the Business Post, David Maguire, chief executive of BNRG, said the investment was a welcome boost for the company. Under the terms of the ...