Energy Minister Pat Rabbitte T.D., today announced Sustainable Development Capital LLP (SDCL) as the Preferred Applicant for the creation of a €70 million Irish Energy Efficiency Fund.
Commenting on the investment, Minister Rabbitte said: ‘I am delighted to announce the next milestone on the path towards improving the investment market for energy efficiency projects in Ireland. I encourage those seeking finance for energy efficiency projects to approach SDCL directly to explore potential for investment.’
SDCL is a specialist financial and investment advisory firm, headquartered in London and with offices in Dublin, New York and Hong Kong. SDCL, in conjunction with London & Regional Properties, will provide matched funding alongside Minister Rabbitte’s commitment to grow the fund to at least €70 million.
SDCL will, subject to finalisation of terms, act as fund manager for the Energy Efficiency Fund. The company also manages a similar energy efficiency fund in the UK, launched with a cornerstone commitment from the UK Green Investment Bank.
Discussions on finalising the terms of the investment will commence shortly between the Department of Communications, Energy & Natural Resources and the Preferred Applicant.
ENDS
For further details contact:
Press Office
Department of Communications, Energy & Natural Resources
+3531 6782442
Press.office@dcenr.gov.ie
Note to Editors:
About Sustainable Development Capital LLP
SDCL was established in 2007 to help governments, financial institutions and companies finance and invest in environmental and social infrastructure assets and services. SDCL’s advisory business is focused on facilitating the supply of clean infrastructure. Its investment business is focused on reducing demand for resources through energy efficiency.
SDCL’s funds in the UK and Ireland are managed by SDCL EE Co (UK) LLP, the dedicated energy efficiency investment arm of Sustainable Development Capital. SDCL also manages energy efficiency funds in Asia, including the Singapore Energy Efficiency Investments Group through SDCL Asia, its joint venture with the First Eastern Investment Group. SDCL EE Co (UK) LLP is authorised and regulated in the UK by the Financial Conduct Authority.
Investment in an Energy Efficiency Fund
Today’s announcement follows a call for Expressions of Interest in a Fund launched by the Department in August of this year. The establishment of the Fund arises from the identification of availability of sufficient, properly structured finance as a key barrier to the increased rollout of energy efficiency projects in Ireland. To demonstrate intent, the Government has committed up to €35 million as a cornerstone investor for investment in an Energy Efficiency Fund with a view to establishing a fund of over €70 million when matched with investment from the private sector. Such a fund will enhance the level of finance available in the market to support the clear opportunity that exists in the public and commercial sectors.