The funds will be used to remove lead piping from the infrastructure system and to install half a million boxes for water meters.
To cover its costs the utility has borrowed 200 million from the European Investment Bank with contracts due to be signed in the coming months.
However Irish Water's future remains uncertain as Fianna Fáil and Fine Gael – the country's two biggest political parties – having opposing views on its abolishment.
But Paul Melia, Environment Editor of the Irish Independent, says at the moment it's business as usual at Irish Water.
