The European Investment Bank has agreed a €100 million loan to Dolmen Solar Ltd to support four solar projects totalling 395MW across Ireland.
The EIB said the financing forms part of a €260 million investment and marks Ireland’s first fully non-recourse solar project financing.
The bank added that the projects will be built in Clare, Tipperary, Wicklow and Wexford and are expected to help increase renewable generation and support 2030 climate targets.
The portfolio is expected to generate around 367GWh of electricity annually, equivalent to roughly 79,900 households.
Construction of the four solar farms is due to start in the coming months with completion expected by April 2028.
Darragh O’Brien, minister for climate, energy and the environment, 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 the investor appetite now is for Irish renewables.”
“This is a very welcome €260 million 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.”
Ioannis Tsakiris, EIB vice president, said: “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 landmark transaction demonstrates that large-scale solar projects can attract long-term, non-recourse financing when backed by robust support mechanisms and experienced developers.”
Justin Brown, chief executive of Power Capital, said: “EIB support is a major vote of confidence in our ambition to scale large-scale solar across Ireland and accelerate the transition to a low-carbon power system.”
“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.”