Gas Networks Ireland (GNI) is borrowing €100m from the European Investment Bank (EIB) to improve its infrastructure here.
The investment is expected to extend, and modernise, Ireland's gas network, facilitating projects such as renewable gas and compressed natural gas.
The financing programme also includes the construction of a new 50km parallel connection between Cluden and Brighouse in Scotland.
This is the latest phase in the completion of the Scotland – Ireland interconnector project; the connection is currently dependent on one pipeline.
Minister for Communications, Climate Action and Environment, Richard Bruton said that "gas has largely displaced higher CO2 emitting fossil fuels in Ireland’s generation mix and that has played a part in the reduction in emissions from power generation that we announced this week".