Loan could be directed at locally-based initiatives

It is being reported by the EIB that Allied Irish Banks hopes to be able to avail of a 100 million-euro ($134 million) loan from Europe to finance renewable projects.

According to the European Investment Bank, it  is appraising a loan to AIB aimed at providing loans to  small-scale onshore wind, biomass, hydro and solar plants. The projects, which will cost an estimated 200 million euros in total could be directed at medium scale community and small business projects which would provide the best return to the country.

The loan which will require EIB board approval will provide another impetus toward Ireland’s goal of reducing our reliance on imported carbon-based fuels by 2020. It should also be directed at maximizing the jobs benefits of green tech by supporting locally owned initiatives.