Following the high prices in the energy market over the last year, and the resulting profits, Bord Na Móna has said the exchequer will benefit from a one-off enhanced dividend payment of €37.8m.

The company said the strong financial results are due to record performances across most areas of the business, but driven particularly by its renewable energy portfolio, which grew by 35% during the year compared to 2022. 

The company is planning on growing its renewable energy portfolio by another 35% next year.

Bord Na Móna said it also expanded its waste collection, processing, and end-treatment solutions sections of the business.

Bord Na Móna chief executive Tom Donnellan said the strong financial performance over the last 12 months had placed the company in a “strong position to invest further in the expansion of our renewable energy and climate solutions portfolio”.

“Our year-on-year growth also establishes a solid financial platform for the company to deliver on our 10-year plan and support the State in achieving its renewable energy requirements by 2030, and longer-term objective of carbon neutrality by 2050,” he said.

The company said in the last 12 months it had invested €100m in the expansion of its renewable energy portfolio, including wholly owned developments as well as joint venture projects.

Among these investments were the construction of Cloncreen and Oweninny Wind Farms, and commencement of work at Derrinlough Wind Farm, representing an overall investment of €250m.

Bord Na Móna also launched a joint venture with Ocean Winds to develop its first offshore wind farms around the coast of Ireland. The joint venture aims to generate up to 2.3 gigawatts of renewable electricity to power up to 2.1 million homes.