Funding will go towards improvements to lighting and upgrades aimed at increasing the business energy efficiency of buildings. In total, 23 projects are in private and voluntary sectors, while 20 are in the public sector.
According to the Sustainable Energy Authority of Ireland, the schemes will generate more than 70 million euros in savings - the equivalent of taking over 100,000 cars off Irish roads and achieving 50,000 tonnes in carbon reductions.
Eamon Ryan, minister for communications, energy and natural resources, said: "In these straitened times, no-one can afford to pay for unused energy. Increased energy efficiency is the one sure way to secure enduring reductions in energy use and energy expenditure."
He added that the funding plays a crucial role in delivering instant savings for both public and private companies.
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