Ireland’s sovereign development fund has made an £80m (€92m) commitment to Octopus Energy Generation’s Sky fund.
Octopus Energy said the latest investment from Ireland Strategic Investment Fund (ISIF) lifts the open-ended fund’s capital raised to over £1bn. The manager launched the Sky fund in March 2021 with a plan to raise £3bn for the strategy by 2025.
So far, the Sky fund has invested in nearly 30 projects in nine countries, including in British and Dutch offshore and German and Swedish onshore wind farms as well as in developers of new solar energy projects in Ireland and Japan, the manager said.
Alex Brierley, co-head of Octopus Energy Generation’s fund management team, said: “We’re seeing significant appetite from institutional investors to act as a catalyst in accelerating the green energy transition - and it’s brilliant to welcome ISIF on board as our latest investor.
“It’s incredibly exciting to see our landmark renewable energy fund exceed the £1bn mark. We’re geared up to scale it even further and continue to make a hugely positive impact with our green energy projects.”
Paul Saunders, the head of climate at ISIF, said: “This commitment is a clear example of ISIF’s intention to make sizeable investments with best-in-class international investors and create long-term strategic partnerships, to help Ireland deliver on its decarbonisation targets.
“Given the urgency of climate change, we need large-scale renewable energy assets to be deployed at scale and at pace. Octopus Energy Generation’s track record in delivering renewable energy infrastructure at scale, both in Ireland and internationally, will be a positive addition in helping Ireland deliver on its Climate Action Plan.”
ISIF, managed and controlled by the National Treasury Management Agency, has a mandate to invest on a commercial basis in a manner designed to support economic activity and employment in Ireland. So far, ISIF has committed over €500m as part of its €1bn climate investment programme.
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