The Ireland Strategic Investment Fund (“ISIF”), Allied Irish Banks plc (AIB) and Encavis AG have committed to the first close with ISIF conditionally committed to increase its investment in the Fund at subsequent closings. The Fund has a target commitment size of €100m and a maximum commitment size of €150m.
Richard Bruton TD, Minister for Communications, Climate Action and Environment, said:
“Our mission is to make Ireland a leader in the transition to a low carbon economy, based on sustainable, renewable energy sources, not a follower. I welcome the establishment of this Fund, which will see an almost 30% increase in Ireland’s current capacity to generate renewable energy over its lifetime, making a real contribution to our overall goals in this area. The Fund will play a critical role in stimulating private sector funding of renewable projects, which will be key to delivering on our goals at least cost and increasing the pace and scale of transition to low carbon technologies.”
David Watson, Chief Executive of Temporis, said:
“Today’s announcement represents an important milestone for the Irish energy market as we launch the first investment fund dedicated exclusively to development of renewable energy projects. We are pleased to have taken the first step in creating a strategic partnership that aligns high quality patient capital with our expertise in all stages of renewable energy project development. We see the development climate in Ireland for renewables as an attractive investment opportunity over the long term.”
Eugene O’Callaghan, Director of ISIF said:
“ISIF is a significant investor in renewable energy platforms that facilitate Ireland’s transition to a low-carbon economy. This is an innovative initiative seeking to establish Ireland’s first dedicated renewable energy development equity partnership. We feel ISIF’s involvement will act as a significant catalyst to attract international private sector investment into Ireland, in line with our “double bottom line” mandate to generate a commercial return and support economic activity and employment in Ireland.”
Colin Hunt, Managing Director of AIB Corporate, Institutional & Business Banking said:
“Renewable energy is an important sector and is the main driver of infrastructure growth globally. We are delighted to be participating in this Fund, supporting the renewables sector and helping Ireland to meet its sustainability and decarbonisation targets. AIB continues to focus on providing capital support to sectors such as renewable energy which are supporting Irish economic growth.”
