Ulster Bank is the only local bank to participate in a major refinancing of one of Northern Ireland’s most important infrastructure businesses that has just been completed.
The bank has provided almost £70 million in lending to Antrim-based firmus energy, which operates the largest gas supply business in Northern Ireland, and the second-largest gas distribution network. firmus energy is critical to Northern Ireland’s energy infrastructure as one of only three gas distribution networks here.
Ulster Bank was one of four lenders to participate in the refinancing deal, alongside Deka Bank, Credit Agricole and Helaba. The total funding package across the syndicate of banks is worth £285 million.
Damien Long, corporate banking relationship director at Ulster Bank, said: “Ulster Bank has managed firmus energy’s day-to-day banking for many years and we are very pleased to now also support the business’s lending requirements. This is a major deal that is very important to Northern Ireland’s gas energy infrastructure.”
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“Firmus energy plays a pivotal role in Northern Ireland’s pathway to net zero by 2050 in a region where more than 60 per cent of households still use oil heating. Firmus energy enables consumers to move away from oil to gas heating which reduces their heating carbon footprint by more than 50 per cent.
“In line with Net Zero 2050 targets, firmus energy plans to reduce the carbon impact of the business by injecting biomethane and hydrogen blends into the network. Their movement toward sustainable fuel aligns well with Ulster Bank’s purpose and ESG targets. So, we are very pleased to provide this support,” Damien adds.
Denise Curran, Finance Director from firmus energy, welcomed the funding, saying: “This funding package will allow us to continue our investment as we seek to deliver sustainable gas through our network and continue our journey towards a net zero carbon future. We are grateful to Ulster Bank and the other lenders for their support.”
Source: Written from press release
