The European Investment Bank 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. The financing will fund four new solar farms across Ireland with a combined capacity of 395 MW, sufficient to power nearly 80,000 homes annually.

Sustainability Online reported that the four Dolmen Solar projects will be located in Clare, Tipperary, Wicklow, and Wexford, with construction expected to begin this month and completion targeted by April 2028.

Ioannis Tsakiris, EIB vice president, said the latest funding builds on more than €1.2 billion in EIB investment in Ireland's clean energy sector over the past decade and that backing Ireland's first solar project financed on a pure project finance basis would help unlock almost 400 MW of new renewable capacity to strengthen Ireland's energy security and cut greenhouse gas emissions. He added that the transaction demonstrates that large-scale solar projects can attract long-term, non-recourse financing when supported by robust mechanisms and experienced developers.

Justin Brown, chief executive of Power Capital, said the financing enables delivery of four strategically located solar projects that will supply clean electricity to homes and businesses, create skilled jobs in rural communities, and 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, said 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 investor appetite now is for Irish renewables.

Access the full report on the EIB's €260 million Irish solar investment.