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Ireland Strategic Investment Fund Commits EUR 94m to Octopus’ Sky Fund

The Ireland Strategic Investment Fund (ISIF), a sovereign development fund, has committed EUR 94 million (USD 101m), or GBP 80 million, to Octopus Energy Generation’s Sky Fund (ORI SCsp), the parties announced today.

As part of the commitment, the British renewable energy company will set up an office in Dublin as it scales investment in Irish renewables projects.

ISIF’s participation brings the Sky fund past GBP 1 billion (USD 1.23bn/EUR 1.15bn) of capital raised. Launched in 2021, the vehicle seeks to obtain GBP 3 billion by 2025. Octopus Energy Generation’s evergreen investment fund has already invested in almost 30 projects in nine countries.

Alex Brierley, co-head of Octopus Energy Generation’s fund management team, said the company is seeing significant appetite from institutional investors to act as a catalyst in accelerating the green energy transition.

ISIF’s investment is in line with Ireland’s goal of 80% of electricity generation from renewable sources by 2030 and is part of ISIF’s EUR-1-billion programme to invest in climate projects over five years, of which more than half has already been committed.

“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,” said Paul Saunders, head of climate at ISIF.

Source : Renewables