The ESB is to donate €1 million a year to programmes aimed at suicide prevention and care for the homeless as part of a new social fund.
The two areas chosen by the company will be funded under a new scheme known as the ESB Electric Aid Ireland fund, initiated by the company's chief executive Pádraig McManus.
Organisations and care associations that wish to apply for funding have been invited to contact the ESB.
"We are all aware of the pain and desperation associated with these two phenomena. Both suicide and homelessness are complex problems requiring complex responses," Mr McManus said.
There is growing concern among health professionals at the level of suicide in Ireland, particularly among young people. There were 457 deaths from suicide in 2004, an increase of 3 per cent on 2003.
Youth homelessness has also continued to be a problem, with agencies saying that figures are much higher than those reflected in official statistics.
The Minister of State with responsibility for mental health, Tim O'Malley, said he rejected suggestions that the need for private funding reflected a lack of Government commitment towards the sector.
"The more expertise . . . we get from any organisation, such as the ESB, we welcome. It certainly is not an embarrassment," Mr O'Malley said. He said a key problem with suicide was that young males, and others, were not accessing or were unaware of supports in the health service.