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The European Investment Bank (EIB) has approved a $108 million project finance loan to Dolmen Solar Ltd, a subsidiary of Power Capital Renewable Energy, to support the development of four utility-scale solar projects across Ireland.

The total investment of approximately $280 million will fund a combined 395 MWp solar portfolio located in counties Clare, Wicklow, Wexford, and Tipperary. Construction is scheduled to begin in March 2026, with full completion expected by April 2028.

According to Darragh O’Brien, Ireland’s Minister for Climate, Energy and the Environment, the investment reflects growing confidence in Ireland’s renewable energy sector. Meanwhile, Ioannis Tsakiris, Vice President of the EIB, highlighted that the transaction marks Ireland’s first solar portfolio financed entirely on a non-recourse project finance basis.

The projects are expected to generate approximately 367 GWh of electricity annually—enough to power nearly 80,000 households—and reduce carbon emissions by around 114,000 tonnes per year.

Electricity produced will be supported under Ireland’s Renewable Electricity Support Scheme (RESS) through long-term contracts for difference, providing revenue stability for up to 16.5 years.

Justin Brown, CEO of Power Capital, described the financing as a significant step in scaling solar deployment in Ireland and strengthening the country’s transition to a low-carbon energy system.

The initiative aligns with Ireland’s target of achieving 80% renewable electricity by 2030 and forms part of broader EU efforts to accelerate clean energy investment.

Source: pv-magazine.com