The European Investment Bank has agreed to support construction and operation of four utility-scale solar photovoltaic projects across Ireland with a €100 million project finance loan to Dolmen Solar Ltd, a holding company of Power Capital Renewable Energy, according to RTÉ.

The four solar schemes will be developed in County Clare, County Wicklow, County Wexford and County Tipperary. Collectively, the facilities are projected to generate approximately 367 gigawatt-hours of clean electricity annually, equivalent to the yearly consumption of roughly 79,900 households, whilst avoiding about 114,000 tonnes of carbon dioxide emissions compared to conventional generation.

The €260 million (£220.7 million) total investment will create employment during construction and operational phases, alongside generating local contracting opportunities for civil works, grid connections and maintenance services.

Ioannis Tsakiris, vice president of the European Investment Bank, said: "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."

By backing Ireland's first solar project financed on a pure project finance basis, the bank helps unlock almost 400 megawatts of new renewable capacity strengthening Ireland's energy security whilst cutting greenhouse gas emissions.

Justin Brown, CEO of Power Capital, said: "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."

Darragh O'Brien, Minister for Climate, Energy and the Environment, said Ireland is sometimes viewed as an unlikely location for solar power, but projects like this demonstrate how rapidly that perception changes and how strong investor appetite now exists for Irish renewables.

Explore comprehensive details on the solar portfolio financing and project locations in the complete report.