TirNua is a joint venture between Irish Life Investment Managers (ILIM) and global private markets investor Northleaf Capital Partners.
The State-backed fund will act as a cornerstone investor in the TirNua climate action infrastructure fund, which has already secured €340m in commitments from investors, it said.
The fund is expected to focus on projects in Ireland linked to renewable energy and emissions reduction.
The investment is part of Isif’s wider climate investment programme. The fund said it previously reached its initial €1bn target for climate-related investments in 2025, two years ahead of schedule.
The fund will support projects linked to climate and renewable energy, such as solar power. Photo: Getty
Isif has since set out plans to double the programme to €2bn, with an additional €1bn to be invested between 2025 and 2029 in projects linked to climate and energy infrastructure.
The TirNua fund will primarily invest in infrastructure designed to support the energy transition. This includes renewable power projects, battery energy storage systems and upgrades aimed at improving energy efficiency in buildings.
Other potential investment areas include infrastructure linked to offshore wind projects, biogas production and greener transport systems.
The fund will also consider investments aimed at reducing the carbon footprint of data centres. At least 60pc of the fund’s investments are expected to be made in Ireland, it said.
By investing in these vital infrastructure projects, we are supporting the energy transition
Tánaiste and Finance Minister Simon Harris said the investment would support projects linked to the Government’s Climate Action Plan.
“I very much welcome today’s announcement by Isif of €140m – an investment that will help drive progress in the crucial area of climate action,” Mr Harris said.
“By investing in these vital infrastructure projects, we are supporting the energy transition in Ireland, while also creating jobs and supporting local economies.”
Rebekah Brady, interim director of Isif, said the programme is intended to support businesses involved in developing infrastructure linked to energy transition.
“TirNua is a pioneering Irish platform which will seek to catalyse investment from pension funds and other investors into the energy transition in Ireland, driven by the ILIM partnership,” Ms Brady said.
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