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Irish Times
06-05-2025
- Business
- Irish Times
State investor pledges more than €160m to climate businesses
The State-owned Ireland Strategic Investment Fund (Isif) is pledging more than €160 million to green technology businesses as it plans to double its support for climate action enterprises to €2 billion. The fund, which operates under the umbrella of the National Treasury Management Agency , aims to back the State's climate goals by investing in projects that cut greenhouse gas emissions, boost renewable energy and capture carbon from the atmosphere. The Isif said on Tuesday that it has earmarked €1 billion to back such projects in a second climate action fund, which it plans to allocate over the next four years. 100 days of Trump: 'It's like The Karate Kid, tax on, tax off, tariffs on, tariffs off' Listen | 42:49 It committed the €1 billion pledged in the first such fund two years ahead of schedule. The second venture will double the State investor's backing for climate-action oriented businesses to €2 billion. READ MORE The Isif has pledged €161 million from the second climate action programme across three specialist investment funds whose aim is to back businesses that develop technology that cuts carbon dioxide output and boosts green energy. Industries that it will support include renewable power, energy storage, sustainable fuel, green hydrogen, and carbon capture and storage. The Irish fund is committing €75 million to the Hitecvision New Energy Fund 2, which will back projects in Europe that involve renewable power, boosting electricity use and sustainable fuels, such as biomethane. It will advance €58 million to the L&G NTR Clean Power (Europe) Fund, which invests in green energy infrastructure intended to advance Europe's carbon reduction and energy security plans. L&G NTR Clean Power backs projects using established technology, including wind energy, solar power and energy storage. The Isif will pledge €28 million to AP Ventures Fund III, focused on developing green hydrogen and carbon capture technology. Minister for Finance Paschal Donohoe welcomed the news. 'Having exceeded its previous €1 billion climate investment programme target two years ahead of schedule, I strongly support [the] Isif's recently announced ambition to bring its total climate investments to €2 billion over the next four years,' he said. Ireland Strategic Investment Fund director Nick Ashmore noted that the announcement would get its new climate investment programme off to a strong start. [ State-owned Isif launches new energy transition fund with Schroders Greencoat Opens in new window ] '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,' he added. Mr Ashmore also noted that the Isif was backing investors that would aid the Republic in meeting its climate goals and its bid to reach net zero. The Ireland Strategic Investment Fund completed investing its first €1 billion climate fund by the end of last year. It was originally intended to do this in 2026. The State established the Isif with cash left from the Republic's National Pension Reserve Fund, most of which was committed to bailing out Irish banks in 2010 after a property investment bubble burst, propelling the country into recession. Key areas on which it focuses include climate action, housing and investments that aid Irish businesses to grow.
Irish Independent
06-05-2025
- Business
- Irish Independent
ISIF stumps up €160m for climate investment funds
ISIF, which operates as part of the National Treasure Management Agency, is making the new investments via three funds. It has invested €28m in the AP Ventures Fund III, which is focused on hydrogen and carbon capture technology. It's run by London-based AP Ventures, whose funds have invested in almost 30 firms around the world. The AP Ventures Fund III targets investments that address constraints in the low-carbon value chain, such as generation, transport, storage and end-use applications. It also focuses on companies that advance the use of hydrogen and sustainable fuels as solutions to decarbonise industry and mobility. ISIF has also made a €75m investment in the HitecVision New Energy Fund 2. Its investment objective is to contribute to climate change mitigation by investing in portfolio companies with the potential to contribute to reducing global greenhouse gas emissions and, or, increasing renewable energy capacity and production. The fund is managed by Norway-based HitecVision. A €58m investment has been made by ISIF in the L&G NTR Clean Power (Europe) Fund. Last month, Legal & General and Ireland-based NTR said they have now secured commitments of more than €600m for the fund. The money has been sourced from 13 institutional investors. It invests in the development, construction and operation of wind, solar and energy storage assets, aiming to offer exposure to a diversified portfolio of proven technologies across a number of European countries and supporting Europe's decarbonisation and energy security agendas. The fund is a partnership between Legal & General and Irish firm NTR, whose chief executive is Rosheen McGuckian. To date, the fund has successfully invested about €385m in 11 assets – six of which are fully operational – across six European countries. Earlier this year, the fund bought a 211MW ready-to-build solar and battery energy storage system portfolio in Co Louth. 'We recently doubled our commitment to climate investments to €2bn, to demonstrate the importance ISIF attaches to getting behind climate action,' said Nick Ashmore, director of ISIF. 'ISIF is backing funds and projects that will make a difference in supporting Ireland's climate goals.'
