The state-owned Ireland Strategic Investment Fund (ISIF) has teamed up with German solar park operator Capital Stage to invest €140m in 20 new solar parks in Ireland.
The investment involves developing a portfolio of projects, run by Dublin outfit Power Capital, throughout the country.
The parks are expected to generate capacity of up to 140MW.
Planning permission was secured on most of the sites last year.
This is the first time the ISIF has committed to investing in solar energy.
The Irish government has committed to generating 40% of its electricity from renewable energy sources by 2020.