Specialist investor Temporis Investment Management has launched a fund to support the development of more than 1GW of pre-construction renewables projects and associated energy storage in Ireland over 12 years.
The first close of the Temporis Aurora Limited Partnership has attracted investment from Ireland Strategic Investment Fund, Allied Irish Banks and German outfit Encavis.
The fund has a target size of €100m and a maximum commitment of €150m.
Irish Minister for Communications, Climate Action and Environment Richard Bruton said: “The fund will play a critical role in stimulating private sector funding of renewable projects, which will be key to delivering on our goals at least cost and increasing the pace and scale of transition to low carbon technologies.”
Temporis chief executive David Watson said: “We are pleased to have taken the first step in creating a strategic partnership that aligns high quality patient capital with our expertise in all stages of renewable energy project development.
“We see the development climate in Ireland for renewables as an attractive investment opportunity over the long term.”
Ireland Strategic Investment Fund director Eugene O’Callaghan said: “We feel ISIF’s involvement will act as a significant catalyst to attract international private sector investment into Ireland, in line with our ‘double bottom line’ mandate to generate a commercial return and support economic activity and employment in Ireland.”
AIB Corporate Institutional & Business Banking managing director Colin Hunt said: “Renewable energy is an important sector and is the main driver of infrastructure growth globally. We are delighted to be participating in this fund, supporting the renewables sector and helping Ireland to meet its sustainability and decarbonisation targets.
“AIB continues to focus on providing capital support to sectors such as renewable energy which are supporting Irish economic growth.”