The plant, which work is set to start on next year, will process 100,000 tonnes of waste a year.
Recyclable materials will be recovered from the waste, with much of the rest used to create gas which is then burned to generate energy.
FLI chief executive Michael Flynn said that the company, which is operating through subsidiary 3NRG Waste Management, is relatively protected from the economic downturn.
He said: “There are lots of credits for generating renewable energy, and the return on investment is much greater than other areas.
“The profits you can make are much higher.”
The Waterford-based company designs, builds, owns and operates Autoclave and Gasification Technology and claims to help divert waste from landfills, recycle or reuse it, and use it to generate green energy.