Ireland’s sovereign development fund has invested in the Temporis Aurora Fund, which plans to deploy €125m of equity to develop renewable projects across Ireland over its 12-year life.
Announcing the investment, renewable energy projects developer Highfield Energy said it has teamed up with the Temporis Aurora Fund to finance 200MW of new onshore wind assets.
Paul Saunders, senior investment director of ISIF, said: “Ireland Strategic Investment Fund backed the Temporis Aurora Fund to build out more than 1000MW of new renewable energy assets in Ireland between now and 2030 as Ireland pushes to achieve the government’s target of 70% renewables.
“The joint venture between Highfield Energy and Aurora is a great first step for the platform in delivering upon that mandate.”
Peter Kavanagh, managing director of Highfield Energy said: “We are delighted to announce this joint venture with the Temporis Aurora Fund to develop new wind energy projects.
“Our development experience combined with the financial expertise of Temporis means we are well placed to take advantage of the opportunities in the Irish market. We look forward to working together to deliver projects in support of our national 2030 targets.”
Ryan Cameron, portfolio manager of the Temporis Aurora Fund said: “This joint venture is an important step as we deploy the Aurora Fund’s €125m of development equity.
“The fund’s aim is to make investments that help catalyse the decarbonisation of Ireland’s electricity grid.”