The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has committed €20m to a major new fund that will improve the energy efficiency of existing infrastructure including commercial buildings and homes.
ISIF’s investment makes it a cornerstone investor in the Solas Sustainable Energy Fund ICAV (SSEF), alongside the European Investment Bank, MEAG, the asset manager of the Munich Re group and IDEAL insurance. SSEF is a fund advised by Solas Capital AG, a specialist international investor in energy efficiency and renewable energy.
The SSEF will focus on providing funding to energy service companies in connection with energy efficiency projects. This will allow these companies to offer financing solutions and deferred payment plans to individual households and businesses that undertake energy enhancement projects using technologies including better heating/cooling, rooftop solar, insulation and LED lighting.
The investment supports the objectives of the Irish Climate Action Plan to reduce the emissions from different infrastructures and make Irish homes and businesses more energy efficient.
ISIF’s investment will aim to reduce household and business energy costs by promoting greater use of:
- established and reliable energy efficient technologies
- enhanced heating and cooling systems
- CHP (combined heat and power systems)
- rooftop solar
- higher-quality insulation and building fabrics and
- LED lighting
Paul Saunders, Head of Climate at ISIF, said:
“This investment is further demonstration of ISIF’s commitment to supporting climate action projects as we work towards our aim of investing €1bn in climate action over a 5-year period.
Our society and our economy need major public and private investment in climate action and ISIF can play a key role by acting as a catalyst for significant additional private sector investment in Ireland.
Our investment in the Solas fund will help address the gap between Ireland’s energy efficiency funding needs and the requirements of institutional investors. We are pleased to play a leadership role in promoting additional capital and innovative financing solutions that will increase the take-up of energy efficient technology in Irish homes and businesses.”
Paul Kearney, Co-founder and Director of Solas Capital, said:
“This commitment from the Ireland Strategic Investment Fund demonstrates confidence in SSEF’s approach to the energy efficiency market and its ability to scale investments in this area. Energy efficiency in buildings is a crucial sector which will enable Ireland to reach its climate goals, and SSEF is committed to supporting Irish project partners to scale their business models through tailored funding solutions. SSEF will fund projects across both public and private sectors and each energy efficiency project supported will reduce Irish CO2 emissions and energy costs, while creating local high-quality jobs.”
Solas Capital was founded by energy efficiency finance experts Sebastian Carneiro and Paul Kearney. More information on Solas Capital can be found at www.solas.capital/
Notes to editors
About Solas Capital AG
Solas Capital is a specialist investment advisory firm founded and managed by experienced professionals from the energy efficiency financing sector. Through the development of innovative financing solutions, Solas Capital’s mission is to support the move to a carbon neutral society. By understanding both the funding needs of energy efficiency projects and the requirements of institutional investors, Solas Capital bridges the gap between investors and projects. Solas Capital is the investment advisor to the Solas Sustainable Energy Fund, a fund located in Ireland which is supported by the Ireland Strategic Investment Fund, the European Investment Bank and the European Commission’s LIFE Programme.