The first major investment by the Ireland Strategic Investment Fund is going to help fund construction of the Poolbeg incinerator in Dublin.

RTÉ ‘s Prime Time tonight revealed that €44m of public funding is going towards the build from the Ireland Strategic Investment Fund – despite the legislation to establish the fund not being commenced.

Ireland Strategic Investment Fund is the new body that is about to take control of the National Pension Reserve Fund.

Official USA corporate filings by Covanta, which is the majority shareholder in Dublin Waste to Energy Ltd, show that of the €500m construction costs- €125m will come directly from the firm- with a further €125m coming from private investment and equity firms. 

But €250m core funding is coming from a group of lenders comprising the Ireland Strategic Investment Fund, state-owned AIB, Bank of Ireland, Ulster Bank, Barclay's and Macquarie Bank.

AIB declined to disclose how much money it is investing.

Dublin's four councils have already spent over €97m and the Department of the Environment €7.5m in pre-construction costs for Poolbeg.

With the new €44m in state funds, the Irish taxpayer has committed at least €150m, making it the biggest single investor in the plant.

The National Pension Reserve Fund told Prime Time it was behind the €44m loan.

The Department of Finance said Minister Noonan has no role in such discretionary investments.