Ireland’s ISIF Puts €160M Toward Climate Solutions
The object of the fund is to ratchet up clean investments in Ireland and other European countries.
The focus areas include climate change mitigation, hydrogen and sustainable fuels, and wind, solar, and energy storage projects.
The Ireland Strategic Investment Fund (ISIF), managed and controlled by the Government of Ireland's National Treasury Management Agency (NTMA), is investing €160 million in climate-focused projects.
This investment comes under the €1 billion commitment to shore up the green transition and climate solutions in the island nation and elsewhere.
First, ISIF's investments include €28 million in the AP Ventures Fund III, a London-based fund that supports hydrogen and carbon capture technologies that are important for reducing emissions. The fund identifies weak spots in the low-carbon supply chain, including how energy is made, transported, stored, and used. It specifically invests in companies that advance the use of hydrogen and sustainable fuels for cleaner industrial and transport systems.
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Second, €75 million will be invested in the HitecVision New Energy Fund 2, a Norwegian firm-managed fund that focuses on cutting global greenhouse gas emissions and expanding renewable energy production. Its principal goal is to fortify climate mitigation efforts by investing in companies that make a real impact.
Third, and finally, is €58 million in the L&G NTR Clean Power (Europe) Fund. This fund commits to building and operating wind, solar, and energy storage projects. It is an arrangement between Legal & General (UK) and NTR (Ireland), which, at present, has more than €600 million in commitments from large investors and has already invested in 11 clean energy projects across six European nations.
ISIF director Nick Ashmore said: "We recently doubled our commitment to climate investments to €2bn to demonstrate the importance ISIF attaches to getting behind climate action.
“ISIF is backing funds and projects that will make a difference in supporting Ireland’s climate goals.”
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Source: ISIF
