ISIF announce €94m commitment to Octopus Energy Generation renewable energy fund

ISIF announce €94m commitment to Octopus Energy Generation renewable energy fund

03 November 2023

The Ireland Strategic Investment Fund (ISIF) has today announced a €94m commitment to Octopus Energy Generation’s Sky Fund (ORI SCsp) for investment in renewable energy projects.

As part of the commitment, Octopus Energy Generation plans to establish an office in Dublin, creating a full-time and on-the-ground presence over the coming months as it invests in Irish green energy projects.

The commitment aligns with Ireland’s Climate Action Plan 2023 which targets 80% of electricity to come from renewable sources by 2030 and is part of ISIF’s €1bn programme to invest in climate-related projects over five years. ISIF has so far committed over €500m as part of this programme.

The Sky Fund (ORI SCSp) is Octopus Energy Generation’s evergreen investment fund, designed to accelerate the green energy transition. Octopus Energy Generation is one of Europe’s largest investors and managers of renewable energy, with assets under management of c. £6bn. It has a track record of deploying capital in Ireland, across Europe and globally in a wide range of solar, offshore wind, onshore wind and broader energy transition technology projects, all delivering green vital clean infrastructure at scale.

Paul Saunders, Head of Climate at ISIF said:

This commitment is a clear example of ISIF’s intention to make sizeable investments with best-in-class international investors and create long-term strategic partnerships, to help Ireland deliver on its decarbonisation targets.

Given the urgency of climate change, we need large scale renewable energy assets to be deployed at scale and at pace. Octopus Energy Generation’s track record in delivering renewable energy infrastructure at scale, both in Ireland and internationally, will be a positive addition in helping Ireland deliver on its Climate Action Plan.”

Alex Brierley, Co-head of Octopus Energy Generation’s fund management team, said:

“It’s brilliant to welcome ISIF on board as our latest investor. We’re seeing significant appetite from institutional investors to act as a catalyst in accelerating the green energy transition. Our Sky Fund (ORI SCSp) is growing rapidly, surpassing the £1bn milestone - and we’re looking forward to investing in many more renewable and energy transition projects to make a positive impact on people and the planet.”