The Ireland Strategic Investment Fund (ISIF) has revealed its commitment of €94 million to Octopus Energy Generation's Sky Fund, earmarked for investments in renewable energy projects. In line with this commitment, Octopus Energy Generation intends to establish an office in Dublin, marking a significant move as it actively engages with Irish green energy initiatives.
This commitment falls in step with Ireland's Climate Action Plan 2023, which aims to source 80% of its electricity from renewable sources by 2030. It is also part of ISIF's comprehensive €1 billion program to invest in climate-related projects over a five-year period. To date, ISIF has committed over €500 million to advance these sustainability efforts.
Paul Saunders, head of climate at ISIF, emphasized the importance of sizable investments with international investors to help Ireland meet its decarbonization targets, stating, “Given the urgency of climate change, we need large-scale renewable energy assets to be deployed at scale and at pace. Octopus Energy Generation's track record in delivering renewable energy infrastructure at scale, both in Ireland and internationally, will be a positive addition in helping Ireland deliver on its Climate Action Plan.”
Alex Brierley, co-head of Octopus Energy Generation's fund management team, expressed their enthusiasm for ISIF's investment, highlighting growing interest from institutional investors looking to accelerate the green energy transition. Octopus Energy Generation's Sky Fund, which is designed to expedite the green energy transition, has exceeded the £1 billion milestone, and they look forward to further investments in renewable and energy transition projects to drive positive change for both people and the planet.
The Sky Fund (ORI SCSp) managed by Octopus Energy Generation has been instrumental in generating sufficient green energy to power two million homes annually, making it equivalent to removing over one million petrol cars from the road. Octopus Energy Generation is a major player in renewable energy investments in Europe, managing assets valued at approximately £6 billion.
Octopus Energy Generation has recently been active in Ireland, acquiring a majority stake in Co Cork-based Verde Energy Group. The investment is set to support the development of more than 50 solar projects with a combined capacity of 100MW across the country by 2027. Verde Energy Group specializes in installing energy efficiency solutions for various organizations and is expected to capitalize on this partnership to further its renewables efforts.
Octopus Energy Generation has a history of investing in developers to promote solar energy, and their acquisition of Zestec Renewable Energy in 2022 has further solidified their presence in the renewable energy sector. Zestec Renewable Energy is known for developing over 100 solar projects for businesses in the UK.