Bord na Móna has today (Wednesday, July 24) reported its highest ever operating profit for its 2024 financial year (FY24) at €106.7 million, up from €95.2 million in the previous year.

The company said the results, covering from March 2023 to April 2024, reflect the successful completion of its "brown to green transition".

The strategy has seen the company conclude all former peat operations and use of peat as an energy source in its operations, and evolve as a provider of renewable energy and climate solutions in Ireland.

The completion of this transformation was marked in December 2023, when Bord na Móna ended the use of peat at its Edenderry Power Station and invested €100 million in its decarbonisation and transition to 100% biomass.

Profit for the financial year included a one-off gain from the sale of Bord na Móna’s 50% stake in Electricity Exchange DAC at a profit of €7.3 million and the profit of €57.1 million realised on entering a strategic partnership with SSE Renewables in March.

Over the past 12 months, Bord na Móna has invested a further €164 million in renewable energy projects, with €133 million wholly owned by the company and €31 million in joint venture projects.

This includes the successful launch of the second phase of the Oweninny Wind Farm with ESB, representing a joint investment of €320 million.

Oweninny is now the country’s largest wind farm with a total installed capacity of 192MW – enough to meet the energy needs of over 140,000 Irish homes.

This is in addition to the joint venture launched with SSE Renewables, which will deliver up to 800MW of new renewable energy projects with up to €1 billion of investment over the next seven years.

The company also invested in a significant partnership with Gas Networks Ireland in April to develop a 22km steel transmission pipeline to connect Bord na Móna’s Edenderry Renewable Energy Complex to the national gas network.

Once fully operational in 2029, this pipeline will result in a reduction of approximately 40% in carbon dioxide (CO2) emissions through the conversion of existing flexible diesel generation assets to natural gas.

In the past financial year, Bord na Móna has also continued to advance the construction of its first solar farm at Timahoe North with ESB, as well as the construction of Derrinlough Wind Farm and the Cloncreen Battery project.

Bord na Móna said that it has restored almost 4,000ha of peatlands over the last 12 months, as part of the company’s Peatlands Climate Action Scheme (PCAS.)

Commenting on the company’s financial performance, Bord na Móna chief executive Tom Donnellan said:

“Our current financial positioning will be the enabler of further investment and innovation which will secure both the future of the business, as we develop our 5GW renewable energy pipeline, and support Ireland’s clean energy capability as we chart a path to net zero emissions by 2050.

"This opened a new chapter for Bord na Móna, as we continue our journey as a climate solutions and renewable energy company supporting Ireland’s progression towards a climate neutral future.

“Bord na Móna’s new and existing joint ventures and partnerships with companies including ESB, SSE Renewables and Ocean Winds are playing a crucial role in bolstering our ability to deliver our 5GW renewable energy pipeline, and we will continue to explore new partnerships that contribute to our performance as a business and importantly deliver positive and sustainable outcomes for the state," he added.