Ireland Strategic Investment Fund, Dublin, committed €94 million ($101 million) to Octopus Energy Generation's Sky Fund.
Octopus Energy Generation plans to establish an office in Dublin as part of the commitment, creating on-the-ground presence as it invests in Irish green energy projects, according to a news release by the €8.5 billion sovereign wealth fund.
The commitment is part of ISIF's €1 billion program to invest in climate-related projects over five years. More than half of that has been committed so far as part of the program. The allocation also is in line with Ireland's climate action plan 2023, targeting 80% of electricity to come from renewable sources by 2030.
The fund is designed to accelerate the green energy transition. Octopus Energy Generation has about £6 billion ($7.4 billion) in assets under management.
"This commitment is a clear example of ISIF's intention to make sizable investments with best-in-class international investors and create long-term strategic partnerships, to help Ireland deliver on its decarbonization targets," Paul Saunders, head of climate at ISIF, said in the release. "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."