European Investment Bank backs €250m plan for solar projects in Munster and Leinster 

EU's bank will invest €100m in the projects which will generate enough power for almost 80,000 homes

The European Investment Bank has agreed a €100m project finance loan for four solar operations to be constructed in Clare, Tipperary, Wicklow, and Wexford.

The European Investment Bank has approved a €100m project finance loan to fund the construction and operation of four utility-scale solar projects across four counties which will generate power for nearly 80,000 homes. 

Construction is to start in the coming months on the solar project across Clare, Tipperary, Wicklow, and Wexford. The photovoltaic (PV) projects are being built by Dolmen Solar Ltd, a holding company of Power Capital Renewable Energy. The entire €260m Dolmen Solar PV project is being financed with a combination of the European Investment Bank's €100m along with commercial bank lending and equity from Power Capital's shareholders. 

The projects are: 

• Manusmore Solar Farm near Ennis in Clare, a 99.5 MWp plant with construction is expected to begin this month, with commercial operation in December 2027.
• Ballinaclough Solar Farm in Wicklow, a 15.5 MWp solar farm located 4kms from Wicklow town, with construction expected to start this month and scheduled to enter commercial operation in January 2027. 
• Tullabeg 2 Solar Farm in Wexford, the largest scheme in the portfolio, a 181.6 MWp plant with construction planned from April 2026 to April 2028.
• Barnaleen Cauteen Solar Farm in Tipperary, a 98 MWp site around 7.7 km north of Tipperary town. Construction is expected to begin in March 2026 with commercial operation in December 2027.

The four projects will create 136 jobs during construction and supply. Together the four projects are expected to generate around 367GWh of electricity, equivalent to the annual consumption of roughly 79,900 households, and avoid approximately 114,000 tonnes of CO2 emissions annually compared to conventional generation.

"European Investment Bank 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. 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," said Power Capital chief executive Justin Brown. "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.”

Climate, energy, and environment minister Darragh O’Brien said the projects will reduce Ireland's reliance on imported energy and support climate targets of 80% renewable electricity by 2030.

The European Investment Bank is the EU bank specialising in long-term financing. Over the last decade, the EIB has provided more than €1.238bn for clean energy investment across Ireland, EIB vice president Ioannis Tsakiris said.