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.'
