Digital bank OakNorth has provided a €29m (£25m) loan to NI renewable energy company EAG Bioenergy, as it plans to expand its bioenergy asset portfolio across Ireland and the UK.
Founded in 2019 by Chris Kerr, EAG Bioenergy specialises in acquiring, operating and developing bioenergy, biomethane and biofertiliser projects.
Headquartered near Belfast, the company is backed by Vesper Infrastructure Partners and OrbeNovo Capital.
Scaling
The €29m loan facility is set to support the scaling of EAG Bioenergy’s existing portfolio, including biogas and biomethane sites across Ireland and the UK, primarily through acquisitions.
Commenting on the transaction, director of debt finance at OakNorth Michael McGregor said: “Biogas and biomethane play an increasingly important role in the UK’s energy transition, offering a reliable, low-carbon alternative to fossil fuels while supporting the circular economy.
“With the market forecast to grow significantly, demand for high-quality, well-operated assets is strong," he said.
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