The NTMA-managed Ireland Strategic Investment Fund (ISIF) has committed €20m to fund energy efficiency in homes and commercial buildings.
ISIF's financial commitment makes it a "cornerstone" investor in the Solas Sustainable Energy Fund ICAV (SSEF), alongside the European Investment Bank; MEAG, the asset manager of the Munich Re group, and IDEAL insurance.
SSEF, which is advised by specialist international energy efficiency and renewable energy investor Solas Capital AG, will provide funding to energy service companies in connection with energy efficiency projects.
The funding would allow companies to offer financing solutions and deferred payment plans to customers that undertake energy enhancement projects using technologies, including better heating/cooling, rooftop solar, insulation and LED lighting.
ISIF said its investment would aim to reduce household and business energy costs and promote greater use of established and reliable energy-efficient technologies enhanced heating and cooling systems; combined heat and power systems; rooftop solar; higher-quality insulation and building fabrics, and LED lighting.
In Association with
"This investment is further demonstration of ISIF’s commitment to supporting climate action projects as we work towards our aim of investing €1bn in climate action over a five-year period," Paul Saunders, head of climate at ISIF, said.
"Our society and our economy need major public and private investment in climate action and ISIF can play a key role by acting as a catalyst for significant additional private sector investment in Ireland.
Our investment in the Solas fund will help address the gap between Ireland’s energy efficiency funding needs and the requirements of institutional investors," he added.
"Energy efficiency in buildings is a crucial sector which will enable Ireland to reach its climate goals, and SSEF is committed to supporting Irish project partners to scale their business models through tailored funding solutions,' Paul Kearney, director of Solas Capital said.
"SSEF will fund projects across both public and private sectors and each energy efficiency project supported will reduce Irish CO2 emissions and energy costs, while creating local high-quality jobs."
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