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€278m committed by ISIF into three climate investments

€278m has been committed by the Ireland Strategic Investment Fund (ISIF) into three separate climate related investments.

€200 million is being injected by the sovereign development fund into Copenhagen Infrastructure V, the latest flagship fund of Copenhagen Infrastructure Partners (CIP).

CIP is the biggest dedicated fund manager within greenfield renewable energy investments.

It is involved in investing in a range of different technologies, including offshore wind, energy storage and onshore wind and solar projects.

Geographically these investments are spread across North America, Western Europe and the Asia Pacific region.

Last year it won 500MW of capacity in Ireland’s first offshore wind energy auction.

Alongside partner Statkraft, it plans to build an offshore wind project in the north Irish Sea capable of powering half a million homes.

Another €50 million is being put by ISIF into Impax New Energy Investors IV Fund.

It will focus on working with renewable energy developers and investing and building renewable energy assets.

Impax already has a partnership here with solar developer BNRG and had bought a majority stake in wind developer, Rengen Power.

While another $30 million is being invested into ArcTern Ventures Fund III.

It invests in start-ups using technology to solve climate and sustainability issues in areas like energy, transport, industry and food.

“This demonstrates the importance we’ve been attaching to getting behind Climate investments – and the necessity of making these investments,” said Nick Ashmore, ISIF director.

“The commitments we’re announcing today show ISIF’s appetite to invest across the spectrum of available Climate investments.”

“We’re heavy backers of wind and solar energy because Ireland needs more of this generating capacity to accelerate the economy’s transition to Net Zero.”

The move brings to €636m the total amount committed by ISIF to climate investments over the past three years.

ISIF aims to invest €1bn in such green ventures between 2021 and 2026.

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