Over the next five years, the company will also seek to double in size.
Some Euro 150m is to be invested in the waste and recovery sector as a means to counteract the amount of waste the company produces.
Bord na Mona-owned firm Advanced Environmental Solution processes some 300,000 tonnes of waste every year.
Some of the investment will go towards a co-fuelling programme for the 185MW Edenderry power plant, as well as the development of a flexible thermal plant and a windfarm.
“Our goal is to guarantee a secure, sustainable and cost effective supply of energy to the Irish consumer,” said Bord na Mona’s chief executive Gabriel D’Arcy.
The firm recently published its annual report for 2007-2008, which revealed that it had a turnover of Euro 371.2m, representing a 24.1% increase on the previous year.