The European Investment Bank (EIB) is to support the construction and operation of four new utility-scale solar photovoltaic (PV) projects across the country with a €100m project finance loan to Dolmen Solar Ltd, a holding company of Power Capital Renewable Energy.
Four new solar power schemes will be built in Co Clare, Co Wicklow, Co Wexford and Co Tipperary.
They are expected to generate around 367 GWh of clean electricity per year, equivalent to the annual consumption of roughly 79,900 households, and will help to avoid about 114,000 tonnes of CO₂ emissions annually compared to conventional generation.
The €260m total investment will create new jobs during construction and once operational, as well as creating local contracting opportunities for civil works, grid connections and maintenance services.
EIB said today's investment marks one of the largest single solar investments financed to date in Ireland and will contribute directly to the country's target of 80% renewable electricity by 2030.
Ioannis Tsakiris, EIB Vice President, said that by backing Ireland's first solar project financed on a pure project finance basis, the EIB is helping to unlock almost 400 MW of new renewable capacity that will strengthen Ireland's energy security and cut greenhouse gas emissions.
"This new partnership with Power Capital builds on more than €1.238 billion of EIB clean energy investment in Ireland over the last decade and shows how we can work with experienced Irish developers to deliver REPowerEU on the ground," he said.
"This landmark transaction demonstrates that large-scale solar projects can attract long-term, non-recourse financing when backed by robust support mechanisms and experienced developers." he added.
Justin Brown, CEO of Power Capital, said that EIB support is a major vote of confidence in its ambition to scale large‑scale solar across Ireland and accelerate the transition to a low‑carbon power system.
"This financing enables the delivery of four strategically located solar projects that will supply clean, affordable electricity to homes and businesses, create skilled jobs in rural communities, and further strengthen Power Capital's position as one of Ireland’s leading independent power producers," he said.
"Crucially, this transaction marks a landmark moment for solar project finance in Ireland, demonstrating that utility‑scale solar can attract long‑term, non‑recourse investment at scale," he added.
Darragh O'Brien, the Minister for Climate, Energy and the Environment, said that Ireland is sometimes seen as an unlikely home for solar power, but projects like this show how quickly that perception is changing and how strong the investor appetite now is for Irish renewables.
"This is a very welcome €260m investment, spread across Clare, Tipperary, Wicklow and Wexford, which will boost clean electricity generation right across the country, reduce our reliance on imported energy and support delivery of our 2030 climate targets," the Minister said.
"The European Investment Bank is playing a key role as a long‑term partner for Ireland's energy transition, and today’s announcement is an important milestone in scaling up renewable power on our grid," he added.
