We caught up with Shane Megahey, Head of Relationship Management at AIB to find out more about his career, what sustainability means to the business lending team at the bank and some recent companies they have supported.
“I’ve been with AIB for almost 20 years, starting my career as a cashier in a Belfast branch before moving to AIB in London to focus on SME and corporate lending,” explains Shane. “I then worked in our Great Britain market for over 12 years, gaining great experience across many sectors, including healthcare and real estate, before moving back to join the AIB Northern Ireland (NI) business in 2020. The experience has stood me in good stead. I’ve had the pleasure of working with leading limited companies and publicly listed companies across the UK in providing funding solutions to meet their ambitions, and it’s great to bring that knowledge with me to our NI clients. For me personally, it is fantastic to be home in Northern Ireland and having the opportunity to support local businesses and the NI economy.”
Shane is now Head of Relationship Management at AIB NI, leading the Business Banking origination team, who are supporting a range of sectors including energy and renewables, healthcare, manufacturing, real estate, agriculture and hospitality. “My role is very much focused on helping companies to grow and achieve their ambitions, which in turn helps support the NI economy as a whole.”
Green growth
One such company AIB recently supported is Kellenergy in Dungannon. AIB refinanced a 150kW anaerobic digestion (AD) plant which effectively turns organic waste materials into biogas which in turn generates electricity. Kellenergy exports the electricity produced by the AD plant to the NI power grid that can then be used by businesses and households.
AIB also helped finance the purchase of farmland for a 500kW AD plant operator in Tyrone, owned by Hollypark Farm Energy Limited. Through the purchase of farmland close to the plant, Hollypark can grow suitable feedstock for the plant which generates green electricity for the NI market.
“We are proud to support investments such as those made by Kellenergy and Hollypark Farm Energy and contribute to a circular economy,” says Shane. “I think what makes us the ideal banking partner in renewable energy is our track record and sectoral expertise. We’ve got great people in our team like Gary Flynn, New Lending Relationship Manager, who has been instrumental in supporting customers like Kellenergy and Hollypark. Not only do we have a strong renewable energy and agricultural background, sustainability is a key pillar of our business strategy.”
AIB Group has committed to achieving net zero carbon emissions in its operations by 2030 and for green lending to account for 70 per cent of new customer lending also by 2030. Shane says that in the UK, green lending accounted for 40 per cent of the bank’s lending last year and so we are making good headway. “Locally we’re proud to have played a key role in this journey to a low-carbon economy, supporting fantastic businesses across manufacturing, hospitality, property and agriculture to expand and modernise their operations as they too strive for net zero,” adds Shane. “Being able to understand our customer’s needs by having knowledge and experience in their industry is invaluable – we bring an extra level of strategic thinking to the relationship, understanding the opportunities and risks to help put the most appropriate funding package in place.”
Future focused
Looking to the future, Shane says that AIB’s guiding principle is to provide financial stability to its customers in a year of great change. “Our experience is that the more sustainable lending we do, the more capital we can attract to finance such investment. We are focussed on ensuring AIB becomes a leader in green lending, benefitting not only our customers and the wider economy, but also the fragile planet which sustains us all. We want to ensure a greener tomorrow by backing those building it today. We’d encourage everyone to follow our ‘Successful Sustainability with AIB’ series with the NI Chamber to hear from businesses and organisations who are thriving through a focus on sustainable growth.”
