The facility will be used to connect projects in southwest Ireland to the grid and construct five new substations. The 20-year agreement is the second part of a EUR 200 million agreement that was signed in December 2013.
EIB vice president, Jonathan Taylor, said, "Investment in both renewable energy and grid infrastructure is essential to secure the supply of green energy for the future and reduce carbon emissions."
The EIB has also funded the East-West Interconnector, a 500MW connection between Ireland and the UK. The bank said it has supported EUR 2 billion of investment in renewable energy projects in the country.