The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has today announced it will commit up to €140m as a cornerstone investor in a major new climate action fund.
The fund has been set up by TirNua Capital Partners (TirNua), an independent, employee-managed private markets investment manager formed by Irish Life Investment Managers (ILIM) and Northleaf Capital Partners, a global private markets investment firm that specialises in private equity, private credit and infrastructure investments.
ISIF has led the investment round in TirNua’s climate action infrastructure fund to accelerate its €2bn climate action investment programme and to continue to act as a catalyst for leveraging additional co-investment from other investors into Irish businesses and projects.
ISIF previously announced its plans to double its climate action programme after reaching its initial €1bn investment target in 2025, two years ahead of schedule. ISIF’s ambition is to complete the deployment of an additional €1bn in climate action investments during the period 2025 to 2029.
The new TirNua fund has already secured €340m of commitments, which includes ISIF’s cornerstone investment. It will primarily invest in infrastructure assets supporting the energy transition in Ireland.
At least 60% of the TirNua fund’s investments are expected to be in Ireland. It will focus on investments across areas including renewable power, battery energy storage, data centre decarbonisation, offshore wind support services, building efficiency, biogas and green transport.
Tánaiste and Minister for Finance, Simon Harris TD said:
“I very much welcome today’s announcement by ISIF of €140 million – an investment that will help drive progress in the crucial area of climate action.
This joint venture is the latest example of ISIF backing projects that contribute significantly to delivering the Government’s Climate Action Plan.
By investing in these vital infrastructure projects, we are supporting the energy transition in Ireland, while also creating jobs and supporting local economies.”
Rebekah Brady, Interim Director of ISIF said:
“This commitment to TirNua’s fund is a strong example of how ISIF’s climate investment programme is supporting the Government’s Climate Action Plan - backing both new and existing fund managers, platforms and businesses to enable infrastructure to support Ireland’s energy transition.
TirNua is a pioneering Irish platform which will seek to catalyse investment from pension funds and other investors into the energy transition in Ireland, driven by the ILIM partnership.
We look forward to working with TirNua in the years ahead.”
David O’Brien, TirNua CEO said:
As a first-of-its-kind private markets platform focused on Ireland’s energy transition, TirNua represents an exciting new way for investors to channel long-term capital into the projects that have the potential to positively shape Ireland’s future. We are especially proud to have ISIF as a cornerstone partner on this journey."