Renewable energy investor Temporis Investment Management Limited has launched a €150 million ($170 million) equity fund to support the development of more than 1 GW of pre-construction renewable energy projects and associated enabling energy storage infrastructure in Ireland. The fund called Temporis Aurora Limited Partnership will run for a period of 12 years when it is said to develop all the above-mentioned capacity in the country, as against its current operational renewable energy capacity of 3.5 GW.
Official word is silent on what all renewable technologies will be as part of this 1 GW portfolio, or if the fund has identified some projects it plans to support. However, to achieve the 1 GW objective, the fund management says it will closely work with developers, local communities, green energy buyers and strategic partners to the fund. It is aimed at helping Ireland's transition to a low-carbon economy, and also attract international capital into the Irish renewables sector.
The Ireland Strategic Investment Fund (ISIF), Allied Irish Banks plc (AIB) and Encavis AG support the first close for the fund, with ISIF conditionally committed to increasing its investment in the fun at subsequent closings. It has a target commitment size of €100 million ($113.5 million), and a maximum of €150 million ($170.26 million).
"I welcome the establishment of this Fund, which will see an almost 30% increase in Ireland's current capacity to generate renewable energy over its lifetime, making a real contribution to our overall goals in this area," said Minister for Communications, Climate Action and Environment, Richard Burton TD. "The Fund will play a critical role in stimulating private sector funding of renewable projects, which will be key to delivering on our goals at least cost and increasing the pace and scale of transition to low carbon technologies."