250 construction jobs are to be created in Co Offaly building two power plants that will employ 20 people.
It is due to a €150m investment by a South Korean energy company and an Offaly-based firm.
The partnership between Hanwha Energy Corporation and Lumcloon Energy Limited is to set up the new power facilities based on battery storage technology at sites in Shannonbridge and Lumcloon.
The Shannonbridge site is adjacent to the ESB West Offaly Power Station, while the second plant will be built on the site of the old ESB Power Station in Ferbane.
When operational each plant will employ ten people.
Planning permission has already been granted for the plants, which have been compared in scale to a typical data centre.
It is understood the energy regulator has already approved large aspects of the development and is expected to finalise the terms for the project to go ahead before the end of the year.
Battery storage technology is regarded as a ‘100% clean’ form of energy.
It involves no direct use of fuel or emissions, instead storing and releasing small but highly flexible amounts of power to respond to public demand and grid requirements.