Ireland Strategic Investment Fund commits €278m to three new climate investments

Kilathmoy Wind Farm. Photo: Statkraft

The Ireland Strategic Investment Fund (ISIF), which is part of the National Treasury Management Agency, has committed €278m to three separate climate investments.

The investments are focused on offshore wind energy and renewable energy developers, as well as start-ups targeting energy transition.

They bring the total invested in this area by the fund to €636m since 2021. ISIF is aiming to invest €1bn in the climate sector from 2021 to 2026, with 63.6pc of this goal completed so far.

The fund reported that it is now on course to reach this target almost two years ahead of schedule.

Recent investments include €200m in Copenhagen Infrastructure V, the latest flagship fund of Copenhagen Infrastructure Partners (CIP).

CIP is a global leader in renewable energy investments and is also currently working with Norwegian power giant Statkraft to develop an offshore wind project in the north of the Irish Sea.

This offshore wind farm is expected to have the capacity to power up to 500,000 homes in Ireland.

ISIF has also invested €50m into the Impax New Energy Investors IV Fund. The Impax fund focuses on partnering with renewable energy developers, as well as investing in the build-out of renewable assets.

It has already partnered with solar developer and operator BNRG in Ireland and also has a majority stake in Irish energy firm Rengen Power.

The Impax fund is now searching for opportunities to invest in Irish-based development platforms and new energy infrastructure.

ISIF also announced a $30m (€27.8m) investment in climate tech venture firm ArcTern Ventures Fund III. It deploys capital into tech start-ups looking to solve climate and sustainability challenges. The main target sectors include electricity and energy, as well as industry, transport and food systems.

Director Nick Ashmore said the ISIF is a heavy backer of wind and solar energy. Photo: Chris Bellew/Fennell

“In 2021, we announced plans to invest €1bn over five years in addressing the climate challenge and we’re on course to hit that amount about two years ahead of schedule,” ISIF director Nick Ashmore said.

“This demonstrates the importance we’ve been attaching to getting behind climate investments – and the necessity of making these investments,” he added.

Mr Ashmore said the recent investments show an “appetite to invest across the spectrum of available climate investments”.

“We’re heavy backers of wind and solar energy because Ireland needs more of this generating capacity to accelerate the economy’s transition to net zero.”

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