Written answers

Thursday, 18 December 2014

Department of Finance

Irish Infrastructure Fund

Photo of Michael McGrathMichael McGrath (Cork South Central, Fianna Fail)
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130. To ask the Minister for Finance the number of projects funded by the Irish Infrastructure Fund; the nature of such projects; the number of jobs created; and if he will make a statement on the matter. [49303/14]

Photo of Michael NoonanMichael Noonan (Limerick City, Fine Gael)
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The Irish Infrastructure Fund (IIF) was established by Irish Life Investment Managers, with AMP Capital appointed as the fund's discretionary investment manager and currently has in excess of €300 million of committed capital. The objective of the IIF is to provide long term investors with a stable income yield as well as the potential for capital growth deriving from a substantial portfolio of assets which underpin the Irish economy. The NPRF has a commitment of €250 million to the IIF. 

The IIF has thus far completed two investments. The first investment was the acquisition of a controlling stake in a portfolio of wind farms from Viridian Group in 2012. The IIF completed a second investment in 2013 when it acquired Towercom, Ireland's largest independent wireless telecoms infrastructure company. While the volume of potential transactions available in the marketplace has been less than was anticipated at the outset, the IIF has an ongoing pipeline of investment opportunities that it is actively evaluating and it is currently anticipated that one or more additional investments may be undertaken in the coming months. The IIF is also continuing to meet with both domestic and international investors with a view to raising additional capital.

The National Pensions Reserve Fund (NPRF) is shortly to become the Ireland Strategic Investment Fund (ISIF) with a mandate to invest on a commercial basis to support economic activity and employment in Ireland.  The ISIF Business Plan and Investment Strategy will be approved in due course by the new NTMA Board, following a process of consultation with the Minister for Finance and with the Minister for Public Expenditure and Reform. While it is standard practice to report financial information to investors and stakeholders, the new ISIF mandate will also require metrics that can be used to help assess economic impact to be reported. It is expected, subject to NTMA Board approval, that a preliminary assessment of the economic impact of the investments made to date in Ireland by the NPRF / ISIF will be published during the first half of 2015.

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