Financial accounts for Clonbio Group Ltd show the company had an “exceptional” loss of €23.6m during 2025 due to Kildare-based Green Generation entering receivership.
Clonbio owned a 51% stake in the company, which produced biomethane from food waste, which it injected into the national gas grid.
Speaking to the Irish Farmers Journal at the time the receivers were appointed, founder of Green Generation Billy Costello said that competition from imported hydrotreated vegetable oil (HVO) hugely reduced the value of certificates under the Renewable Transport Fuel Obligation (RTFO).
The cost of a certificate fell from 14c/kWh in 2022 to 5.5c/kWh in 2025, severely disrupting Green Generation’s business model.
Accounts
In its accounts published this week, Clonbio said that the business had been “materially affected by deterioration in the renewable-certificate market, including fraudulent certificates, which undermined certificate values and its business model”.
Receivers were appointed to Green Generation in March 2025 by the State-owned Irish Strategic Investment Fund, which owed €12m.
That loan was drawn down by the company between 2022 and 2024 at an interest rate of Euribor plus 4%. It was due to be repaid between 2024 and 2030.
Clonbio said that following the receivership, the loan is in default and recovery is “expected to be dependent on the outcome of the receivership process”.
The most recent receivers abstract for Green Generation Ireland Ltd showed total receipts from the process to 2 September 2026 of €3.9m, including €1m for the sale of assets to Bia Energy Kildare Ltd, controlled by Eamonn Waters.
Clonbio Group’s net loss on the receivership was due to the impairment loss on the loan receivable from Green Generation of €26.1m, offset by a deconsolidation gain of €2.6m.
Outside of its losses on the Irish business and other exceptional items, Clonbio Group made an operating profit for the year of €14.8m.
However, once the exceptional items, interest costs and a foreign exchange loss of €14.2m is taken into account, the group made a loss after tax of €53.8m.
