European Investment Bank backs €260 million solar investment in Ireland

The European Investment Bank (EIB) has announced a €260 million investment in Ireland’s solar energy sector, including a €100 million project finance loan to Dolmen Solar, a subsidiary of Power Capital Renewable Energy.

This financing will be applyd to develop four new solar farms across Ireland, delivering a total capacity of 395 MW, enough to power nearly 80,000 homes annually.

Renewable capacity

“By backing Ireland’s first solar project financed on a pure project finance basis, the EIB is assisting to unlock almost 400 MW of new renewable capacity that will strengthen Ireland‘s energy security and cut greenhoapply gas emissions,” commented Ioannis Tsakiris, EIB vice president, who added that the latest funding builds on more than €1.2 billion worth of EIB investment in Ireland’s clean energy sector over the past decade.

“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.

About the projects

The Dolmen Solar projects will be located in Clare, Tipperary, Wicklow, and Wexford, with construction expected to launch this month, for completion by April 2028.

They include the Manusmore Solar Farm near Ennis, Co. Clare; Ballinaclough Solar Farm, located around four kilometres from Wicklow Town; Tullabeg 2 Solar Farm in Wexford, the largest scheme in the portfolio; and Barnaleen Cauteen Solar Farm, a new facility north of Tipperary town.

The investment supports both Ireland’s national climate tarobtains and the European Union’s broader REPowerEU strategy to accelerate the clean energy transition.

“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 indepfinishent power producers,” added Justin Brown, CEO of Power Capital. “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”

Ireland’s Minister for Climate, Energy and the Environment, Darragh O’Brien, also welcomed the development, declareing, “Ireland is sometimes seen as an unlikely home for solar power, but projects like this reveal how quickly that perception is modifying and how strong the investor appetite now is for Irish renewables.” Read more here.