The Ireland Strategic Investment Fund (ISIF), part of the National Treasury Management Agency (NTMA), has today kicked off a new €1bn four-year climate action investment programme, with three separate investment commitments totalling more than €160m.
Having exceeded its original €1bn climate investment ambition two years ahead of schedule, this new programme was announced last month and will bring total climate commitments to €2bn over the next four years.
The three new investments announced today are in specialist funds that will focus on supporting various aspects of Ireland’s Climate Action Plan and achieving its Net Zero goals in:
- Renewable power generation;
- Energy storage;
- Sustainable fuels; and
- Hydrogen and carbon capture technology.
New commitments announced today
The investment commitments are:
- A €28m investment in the AP Ventures Fund III LP - a fund focused on hydrogen and carbon capture technology, from Seed through to Series B. The Fund’s investments address constraints in the low-carbon hydrogen value chain (e.g., generation, transport, storage, end use applications (e.g. sustainable fuels)), and also focuses on companies which further the use of hydrogen and sustainable fuels as solutions to decarbonise industry and mobility.
- A €75m investment in the HitecVision New Energy Fund 2 SCSp - a fund focused on creating investment platforms across the themes of renewable power and electrification, sustainable fuels (e.g., biomethane), and circular and efficient energy systems. The Fund will invest in Europe.
- A €58m investment in the L&G NTR Clean Power (Europe) Fund - which invests in clean power infrastructure assets to support Europe’s decarbonisation and energy security agenda. The fund provides diversified exposure across proven technologies in wind, solar, and energy storage. It acquires assets at different lifecycle stages of development, construction and operations across Europe.
Minister for Finance, Paschal Donohoe, TD said:
“I very much welcome today’s announcement by the Ireland Strategic Investment Fund (ISIF) of three new climate related investments totalling €160 million in specialist funds focussing on supporting various aspects of Ireland’s Climate Action Plan and achieving its Net Zero goals in Renewable power generation, Energy storage, Sustainable fuels and Hydrogen and carbon capture technology. Having exceeding its previous €1bn climate investment programme target two years ahead of schedule I strongly support ISIF’s recently announced ambition to bring its total climate investments to €2 billion over the next four years.”
Nick Ashmore, Director of ISIF, said:
“We recently doubled our commitment to climate investments to €2bn, to demonstrate the importance ISIF attaches to getting behind climate action.
Today’s announcement gets our new climate investment programme off to a strong start. Following the impact of our first programme, exceeding its target a full two years ahead of schedule, these three new investments give us good momentum to keep investing ISIF capital to tackle the climate challenge with renewed urgency.
ISIF is backing funds and projects that will make a difference in supporting Ireland’s climate goals and accelerating the economy’s transition to Net Zero. ISIF has the ability to invest across the spectrum of available climate investments and to back funds that can broaden the climate infrastructure eco-system for our collective benefit.”