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Bord na Móna reveals EUR 1.2 billion investment programme plans

"In recent years, we have diversified significantly away from being an exclusively peat-based company, but even as we do so, we are continuing to deliver for the State, implementing national policy in many new areas. I am delighted that we are able to announce an EUR 1.2 billion planned investment programme that will build on our legacy, and deliver a new sustainable business model by 2030," said Bord na Móna Chairman, John Horgan.

Launching Bord na Móna's Annual Report for year ending March 2017, CEO Mike Quinn (left) and Chairman John Horgan also revealed an EUR 1.2 billion investment programme going ahead (photo courtesy Bord na Móna).

Launching Bord na Móna’s Annual Report for year ending March 2017, CEO Mike Quinn (left) and Chairman John Horgan also revealed an EUR 1.2 billion investment programme going ahead (photo courtesy Bord na Móna).

Irish semi-state peat resource company, Bord na Móna has released its Annual Report for the year ended March 2017. Expressing his satisfaction with the results, Bord na Móna Chairman, John Horgan said that the year has been another year of “solid achievement” for the company with some “outstanding performances from businesses like Resource Recovery which has witnessed a remarkable turnaround” in the recent past.

Bord na Móna was established in 1934 to deliver sustainable industry and employment using Ireland’s indigenous, natural resources in the Midlands and we continue to do so to this day. In recent years, we have diversified significantly away from being an exclusively peat-based company, but even as we do so, we are continuing to deliver for the State, implementing national policy in many new areas. I am delighted that we are able to announce an EUR 1.2 billion planned investment programme that will build on our legacy, and deliver a new sustainable business model by 2030, he said.

Horgan revealed that Bord na Móna is developing “major infrastructural projects” in the areas of wind, biomass and other renewable energy sources, developing new home heating fuels with new low smoke products in line with National policy on air quality.

Also speaking at the launch of the annual report, Mike Quinn, CEO, Bord na Móna said that a “considerable portion” of this investment programme will be concentrated on developing new sources of renewable energy which apart from wind power included biomass and solar.

We will also be investing in the further development of the domestic and overseas biomass supply chain. This will follow on from a number of noteworthy achievements in the past year when we secured new sources of sustainable biomass, said Quinn.

Supply chain development

According to the report, future requirements for biomass, i.e. post-2020, will be in excess of 1.5 million tonnes per annum compared to 456 000 tonnes 2016 as the company increases it biomass co-firing rates at its Edenderry 128 MWe power plant, currently co-firing at 42 percent as well as it develops new smokeless home heating fuels. In addition, the company also supplies peat to two other power stations owned by the Electricity Supply Board (ESB).

Stockpiling woodchips at Bord na Móna’s Edenderry power station.

To meet this year-on-year increased demand the company continues work to develop “sustainable imports and indigenous supply chains” to ensure future long term biomass supply at a cost effective level. This includes:

  • The development of an Irish supply chain including sawmill residues, pulpwood logs and energy crops from both private and public owned forestry sector
  • Working with local growers to develop a willow growing industry with expectations to increase supply, pending a new energy crop incentive to be introduced by Government
  • Continued research into biomass growing trials to determine the potential of cutaway peatland for the production of energy crops
  • Continued development of sustainable international sources of woodchip, with an emphasis on Africa
  • Continued work on the potential investment into wood pellet manufacturing in the United States

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