The Ireland Strategic Investment Fund (ISIF) and renewable energy firm Schroders Greencoat have launched a new €220 million private-markets fund aimed at investing in energy transition infrastructure assets across Europe, with a particular focus on Ireland.
ISIF has committed €100 million to the fund, which has been established with over €220 million in initial capital. This move expands on the ongoing partnership between ISIF and Schroders Greencoat, dating back to ISIF’s role as an anchor investor in the 2017 IPO of Greencoat Renewables PLC.
The fund will target a diversified portfolio of energy transition investments across Europe, with a focus on enhancing renewable energy infrastructure in Ireland. Key investment areas in the country will include renewable energy capabilities, grid infrastructure, interconnections with Europe and the UK, as well as battery storage. The fund plans to prioritize greenfield projects in the Irish market.
The remaining capital for the fund comes from other investors, including funds managed by Schroders Greencoat, the European insurance sector, and a Japanese utility. Schroders Greencoat has significant experience in European energy infrastructure investments, having completed 35 transactions across 46 energy transition assets, valued at over €3 billion. Of that, €1.5 billion has been invested in Irish wind, solar, and battery storage projects.
Minister for Finance Paschal Donohoe welcomed the launch, stating, “I very much welcome today’s announcement of ISIF’s participation as a cornerstone investor in the new €220 million private markets fund with Schroders Greencoat… The €100 million commitment to the fund demonstrates ISIF’s commitment both to tackling climate change and to supporting the transition to net zero in Ireland while delivering on its double bottom-line mandate to create jobs and growth.”
ISIF’s Senior Investment Director, Paul Saunders, added, “We look forward to building on our relationship with Schroders Greencoat, as we work together to invest in innovative solutions that support real-world decarbonisation at scale.”
Schroders Greencoat partner Paul O’Donnell expressed enthusiasm for the launch, noting, “These commitments underline the strong market demand for exposure to the energy transition… This presents a compelling investment opportunity and we believe the fund will act as a catalyst for the deployment of both domestic and international capital into Ireland and our other focus countries to support the delivery of a pipeline of assets that support the transition to net zero.
