Brian Stanley (Laois, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

65. To ask the Minister for Finance the level of renewable energy projects and green technology currently in the Ireland Strategic Investment Fund. [16452/17]

Brian Stanley (Laois, Sinn Fein)
Link to this: Individually | In context | Oireachtas source

73. To ask the Minister for Finance the level of funding being strategically invested by his Department in renewable energy projects and green technology; and if he will make a statement on the matter. [16451/17]

Michael Noonan (Limerick City, Fine Gael)
Link to this: Individually | In context | Oireachtas source

I propose to take Questions Nos. 65 and 73 together.

ISIF informs me that it has a close working relationship with the Department of Communications, Climate Action and Environment and is committed to investing in the energy sector in a manner that is consistent with the State's commitment to make the transition to a low carbon, climate resilient and sustainable economy. ISIF's Energy Investment allocation of €800 million will be a key enabler of the significant investment requirement in sustainable energy infrastructure, new energy business models and new energy technologies to achieve the 2020 and 2030 energy and climate policy goals. This will necessarily include significant investment in renewable energy projects and green technology.

To date the Fund's commitments in this regard include:

- €44m for the €500m Dublin Waste to Energy project which will assist Ireland in meeting EU waste management targets. The facility will have capacity to process up to 600,000 tonnes of waste when complete and generate clean renewable energy for up to 80,000 homes.

- €35m commitment to NTR's onshore wind fund.

- Cornerstone investor in the Irish Infrastructure Fund (IIF) which holds a position in a portfolio of Irish onshore wind assets.

- Cornerstone investor in the BlueBay SME credit fund which has loaned to Irish headquartered renewable energy developers and to a designer and manufacturer of high power density high efficiency power supplies.

- €76m seed capital for Greencoat Renewables to enable it purchase two sizeable wind farms.  

ISIF continues to seek out further investments that are consistent with its mandate and are aligned with national decarbonisation and energy security objectives and with national energy policy.

ISIF's pipeline includes opportunities in the areas of onshore wind, solar, biomass, energy storage, renewable heat, sustainable transport and energy efficiency.