Dublin City University (DCU) is planning to develop a new sustainable energy hub at a site allocated to the institution by the government without rent.

Jobs Minster Richard Bruton said that the DCU's new 'Innovation Campus' is set to create about 200 jobs in the first 18 months of its operation and a total of 500 during the coming five years. The enw campus will be located at the Glasnevin site, which was earlier used by Enterprise Ireland.

The centre will attract companies that are working on developing products and services which focus on water, waste, energy and emissions sustainability and enable a cleaner environment. The campus will be able to bring together the established firms in the sector, fresh start-ups as well as the research and development (R&D) capabilities of the university. And will emerge as a hub for clean energy development in the country.

The government has provided the campus without a lease to the university and in return, the DCU will develop the hub without any expenditure to the government. A designated space within the campus will also be allocated for an Educate Together school.

"This is a site that has had great tradition, the home traditionally of the Industrial Research and Standards Institute, and now once again it's taking up the challenge of creating a new economy, and a central part of it will be the green economy," Mr Bruton said.