Ireland Strategic Investment Fund, Dublin, committed €68 million ($73 million) to two energy transition funds managed by Energy Impact Partners, the €9 billion sovereign wealth fund said in a news release.
The investments are part of ISIF's €1 billion five-year climate action investment program.
ISIF invested €34 million in the firm's European Fund, which is focused on growth equity and late-stage investments, and €34 million in the Deep Decarbonization Frontier Fund, which is focused on early-stage companies that have the potential to fully decarbonize the global economy.
"This investment demonstrates clear intent around the strength and scope of ISIF's climate investment plans. It shows how we can leverage our investment capability to build a deeper, stronger network with climate investors from all over the world — and ultimately attract more international capital to Ireland while supporting emerging Irish businesses in this space," Paul Saunders, head of climate at ISIF, said in the release.
"EIP boasts a strong track record and an unrivaled network of investors and industrial partners; we are harnessing that for the benefit of Irish based companies and entrepreneurs as we navigate the green transition," he added.