European Investment Bank (EIB) backs €260 million solar portfolio across Ireland with a €100 million project finance loan to Dolmen Solar Ltd, a holding company of Power Capital Renewable Energy 

The 395 MWp portfolio will increase Ireland's renewable electricity generation, contribute to EU and national 2030 climate targets and forms part of the EIB's REPowerEU support for accelerating the clean energy transition.

Darragh O’Brien TD, Minister for Climate, Energy and the Environment stated: “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. The European Investment Bank is playing a key role as a long‑term partner for Ireland’s energy transition, and today’s announcement is an important milestone in scaling up renewable power on our grid.”

Ioannis Tsakiris, EIB Vice President reinforced the investment:: “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 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. 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, CEO of Power Capital, stated: 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. 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. 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”

Four new solar power schemes will be built in County Clare, County Wicklow, County Wexford and County Tipperary. Together they are expected to generate around 367 GWh of clean electricity per year, equivalent to the annual consumption of roughly 79,900 households, and avoid approximately 114,000 tonnes of CO₂ emissions annually compared to conventional generation.

The €260 million total investment will create new jobs during construction and once operational, as well as creating local contracting opportunities for civil works, grid connections and maintenance services.

The new initiative represents one of the largest single solar investments financed to date in Ireland and will contribute directly to Ireland's target of 80% renewable electricity by 2030 and the national ambition for around 8 GW of installed solar capacity under the Renewable Electricity Support Scheme (RESS).

The projects will sell power into the Irish wholesale market, supported for 16.5 years under Ireland's Renewable Electricity Support Scheme (RESS-3 and RESS-4) through two-sided contracts for difference with 30% indexation and compensation for curtailment, before operating with merchant revenues in the final years.

The Dolmen Solar PV project will be financed with a combination of EIB and commercial bank lending alongside equity from Power Capital's shareholders.

Danske Bank is acting as co-lender on a pari passu basis. The E€100 million EIB loan, includes a dedicated debt service reserve facility, represents approximately 43% of senior debt for the €260 million project.

The Dolmen Solar Portfolio: Four Strategic Sites

The Dolmen Solar PV project consists of four ground-mounted solar farms and associated grid infrastructure and construction is expected to start in March 2026 and be completed by April 2028.

Over the last decade, the EIB has provided more than €1.238 billion for clean energy investment across Ireland, helping to scale up renewable power, cut emmissons and improve energy security.