Dáil Éireann Debate, Wednesday - 20 July 2016
108. Deputy Thomas P. Broughan asked the Minister for Finance to report to Dáil Éireann on the investments of the Ireland Strategic Investment Fund in renewable energy sources; and if he will make a statement on the matter. [23258/16]
Amharc ar fhreagraThe Ireland Strategic Investment Fund (ISIF) has informed me that it has a close working relationship with the Department of Communications, Climate Change and Natural Resources and is committed to investing in the energy sector in a manner that is consistent with the State's commitment to make the transition to a low carbon, climate resilient and sustainable economy. The ISIF investment strategy states that the Fund's energy allocation of €800 million will include a significant element of renewables investment, and in that light the Fund has been seeking investments that are consistent with broader Government policy and, in particular, the theme of decarbonisation.
To date the Fund's investment commitments in this regard include:
- €44 million for the €500 million Dublin Waste to Energy project. This project will not only assist Ireland in meeting EU waste management targets, but the waste processed will be utilised for energy recovery and development of a district heating scheme. The facility will have capacity to process up to 600,000 tonnes of waste when complete and generate clean renewable energy for up to 80,000 homes.
- €35 million commitment to NTR's onshore wind fund. NTR Wind Fund is a €250 million private investment fund, facilitating the development of onshore wind energy generation through direct investments in onshore wind projects in the UK and Ireland.
- Investment in the Bluebay SME credit fund and this fund has made loans to Gaelectric and Mainstream who are both Irish headquartered renewable energy developers.
- Cornerstone investor in the Irish Infrastructure Fund (IIF) managed by AMP Capital. The IIF hold a position in a portfolio of Irish onshore wind assets, forestry; and a designer and manufacturer of high power density high efficiency power supplies.
The ISIF will continue to seek out further investments for the Fund that are consistent with its mandate and are aligned with national decarbonisation and energy security objectives and with the Government's broader energy policy. The current investment pipeline for the Fund currently includes possible opportunities in the areas of biomass, wind, waste management and solar.
The ISIF commits to operating to high international standards, investing in line with both the Principles for Responsible Investment (PRI), which focus on the management of environmental, social and governance (ESG) factors to improve sustainability of investment returns, and the Santiago Principles, which are the globally accepted best practice principles for sovereign investment funds such as ISIF. The National Treasury Management Agency (NTMA) Board has recently approved the ISIF Sustainability and Responsibility Policy. This has been published online at:
http://www.isif.ie/wp-content/uploads/2016/07/SustainabilityandResponsibleInvestingPolicyJuly2016.pdf and has a stated emphasis on Climate Change as part of the integration of ESG into its investment decision making.
