Solid Performance by Bord na Mona

Bord na Mona has increased EBITDA by 12.6% to €72.7 million and profits after tax by 23% to €12.9 million for last year ending March 2011. Turnover was €382.1 million, marginally down 0.6% on the previous year.

“We are on course to meet our growth strategy through diversification. We want to strengthen and streamline our existing businesses and grow further by investing in new long-term sustainable opportunities such as renewable energy and water. We have made significant progress towards achieving these goals during the year,” comments Gabriel D’Arcy, chief executive of Bord na Mona. “The company is in a new phase of diversification with a very clear focus on sustainability and innovation. Significant progress was made on our ‘Strategy for Growth’ for our combined Horticulture and Green Fuels businesses, presenting us with real opportunities to build on our current businesses in Ireland, UK, and mainland Europe.”

During the financial year, Bord na Mona took a number of significant steps in progressing its development strategy including obtaining planning permission for the construction of two major wind farms; 80 MW at Mount Lucas, Co Offaly, and 40 MW at Bruckana on the borders of Laois, Tipperary and Kilkenny, and concluding a joint venture agreement with ESB for the development of the initial phase of a wind farm at Oweninny, Co Mayo, providing a further 172 MW. The company has now received grid connection offers for all three wind projects amounting to some 490MW.

Bord ne Mona also brought into commercial operation its 116 MW peaking plant installation at Edenderry and expanded its programme to use biomass to generate electricity using 130,000 tonnes of mixed biomass in the year.

Another highlight of the year was the publication of Bord na Mona’s Biodiversity Action Plan 2010-2015, setting out projects and activities designed to enhance biodiversity on the company’s lands.

The progress made on both co-firing and wind farm developments is part of Bord na Mona’s journey toward being a leading renewable energy provider, providing up to 800 MW of capacity by 2020. By 2015 the target is to have over 50% of our portfolio from renewable sources which would provide power to over 90,000 homes annually.

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