The investment comes as part of the newly launched plan Networks for Net Zero Strategy. The plan is expected to create 1,500 jobs.

In a statement, the company said the strategy will enable 9 gigawatts of onshore wind, 8 gigawatts of solar, and “at least” 5 gigawatts offshore wind. The same statement said the plan will support the government in connecting 300,000 new homes with electricity by 2030.

Minister Eamon Ryan, leader of the Green Party, said: “I welcome ESB Networks’ ambitious Strategy launched today as it outlines a clear roadmap of how our electricity system will play a key role in Ireland’s transition to net zero and address climate change challenges.

“I welcome in particular the planned multi-billion euro investment and significant recruitment drive to ensure our climate action targets are delivered upon,” he added.

In a statement, Managing Director of ESB Networks, Nicholas Tallant, said the plan highlights the company’s “leading role” in delivering on climate targets.

“This strategy is about putting customers first and empowering everyone to be part of the journey to Net Zero. We are looking forward to leading the way, making transformational changes to address the climate challenge and supporting a vibrant modern Ireland for generations to come,” he concluded.