Ireland’s sovereign fund has unveiled plans for a €1bn climate action investment drive to include renewables and battery storage projects.
The Ireland Strategic Investment Fund will support green projects over the next five years out to 2026, it said.
Part of its mandate is to support energy storage, including developing and harnessing emerging technologies to facilitate a greater penetration of renewable energy by storing energy generated from wind and solar at times of low power demand
In renewables, ISIF will invest in the greater use of large and small scale wind and solar power generation, both onshore and offshore.
“Our planned investment programme reflects the urgency of the climate challenge and the significant opportunities that exist to back Irish businesses and projects that are developing new and more sustainable ways of doing things,” said director Nick Ashmore.
“ISIF plans to make both direct and fund-based investments aligned with this strategy, partnering with major global investors where appropriate, and will make further announcements over the coming months. We look forward to continuing to invest and be a catalyst for Ireland’s transition to Net Zero.”