Ireland Strategic Investment Fund, a €14.5 billion sovereign wealth fund, has invested €68 million across two decarbonisation funds managed by Energy Impact Partners.
ISIF is controlled by the National Treasury Management Agency and has a mandate to “invest on a commercial basis to support economic activity and employment in Ireland”, according to its website.
The €68 million has been split across two of EIP’s funds: the European Fund, which focuses on €10 million to €25 million growth equity investments; and the Deep Decarbonisation Frontier Fund, which targets early-stage companies in the climate space, according to a press release.
As part of the mandate, EIP will use ISIF’s money to invest in climate tech companies based in Ireland. To facilitate this, EIP will establish a new Dublin office.
“EIP boasts a strong track record and an unrivalled network of investors and industrial partners; we are harnessing that for the benefit of Irish-based companies and entrepreneurs as we navigate the green transition,” said ISIF climate head Paul Saunders.
The investments are the latest developments in ISIF’s climate action plan, through which it is committed to investing €1 billion in climate solutions over a five-year period. Approximately €500 million has already been invested. Other commitments under the strategy include: €20 million to Solas Capital’s sustainability energy fund; and €50 million to Temporis’ Aurora fund.