The Ireland Strategic Investment Fund (Isif), the successor to the National Pensions Reserve Fund, is to invest €68 million in two leading decarbonisation funds as part of a €1 billion five-year climate investment programme.
The fund, which is managed by the National Treasury Management Agency, said the targeted funds are managed by Energy Impact Partners (EIP), a New York-headquartered investment firm with more than $3 billion (€2.8 billion) in assets under management.
They are “focused on investing in the energy transition by bringing together over 60 forward-thinking industrials and climate innovators to help decarbonise the global economy”, it said.
Global capital
Through the Isif’s investment, the New York investment firm plans to invest in emerging Ireland-based decarbonisation and energy technology companies.
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It will establish an office in Dublin with experienced climate investor and entrepreneur Arthur Pierse as its first representative based on the ground, said the Isif.
The State-backed fund said it aimed to direct more international capital to the Irish decarbonisation sector as well as align itself with the State’s climate action plan. It builds on approximately €500 million of committed investments by the Isif in climate action.
Norman Crowley on the business of decarbonisation
“This investment demonstrates clear intent around the strength and scope of Isif’s climate investment plans,” said the fund’s head of climate Paul Saunders.
“It shows how we can leverage our investment capability to build a deeper, stronger network with climate investors from all over the world — and ultimately attract more international capital to Ireland while supporting emerging Irish businesses in this space,” he said.
‘Green transition’
“EIP boasts a strong track record and an unrivalled network of investors and industrial partners; we are harnessing that for the benefit of Irish-based companies and entrepreneurs as we navigate the green transition,” said Mr Saunders.
“The combination of early-stage technology with support for growth-stage businesses offered by the two funds in which we are investing is a unique proposition that will be of real benefit to new climate businesses in Ireland,” he said.
The Isif is to invest €1 billion in climate action projects over the next five years. Among the programme’s targeted investments, which will take place between 2021 and 2026, are energy efficiency, energy storage, renewables, transport, forestry and waste.
