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New Bermudian-based clean energy investment fund launches

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Sergey Buchin, Irbisio founder and CEO, at the COP28 conference in the UAE

A new Bermudian-based fund has been launched to provide a platform for investing in clean technology infrastructure.

With an initial target of $100 million to be deployed in two years, the Irbisio Green Energy Fund will finance sustainable projects that support the goal of carbon net zero while providing predictable returns to investors.

The fund, based at Innovation House, on Reid Street, employs one person on island but plans to hire a lawyer and a financial analyst next year.

In stealth operation for the past year, Irbisio will invest across Europe, the Americas and the Middle East, according to a statement.

However, its mandate permits it to invest in Bermuda and a spokesman said: “We are eager to make local investments.

“We are in discussions with local businesses and are ready to support them financially and through technology transfer. We invite companies to contact us for collaboration opportunities.

“We recognise Bermuda's outstanding potential for utilising renewable energy, which could lead to a decrease in consumer prices. We believe some local companies are ideally positioned to become national leaders and expand to other island nations.”

The spokesman added: “Our mandate is to invest in projects that meet three criteria: impactful, such as CO² reduction, reliable ensured revenues through long-term contracts and rapid limited construction time.

“Potential examples include renewable energy communities, recycling initiatives, and residential and commercial solar and energy storage solutions.”

Irbisio, Bermuda's first dedicated clean tech investment fund management company, was created with help from the Bermuda Business Development Agency which facilitated interactions with government regulators, legal counsel and banks.

David Hart, the BDA CEO, said: “When we launched our climate risk solutions initiative just over two years ago, we held a strong conviction that Bermuda had just the right attributes as a sophisticated financial centre and as the risk capital of the world to be a global leader in this emerging and critically important sector, just as we had been in other areas of providing risk solutions over many decades.

“Irbisio’s decision to launch their new Green Energy Fund from Bermuda is an exciting proof point that our early convictions were correct and are bearing fruit.”

Sergey Buchin, Irbisio founder and CEO, outside the Bermuda Monetary Authority’s offices (Photograph courtesy of Instagram)

Sergey Buchin, Irbisio founder and CEO, added: “Clean tech is one of the fastest-growing investment sectors but needs financial precision and deep technology understanding to deliver results.

“We aim to promote sustainable development by identifying opportunities for our clients that align with major technology trends and offer de-risked investments.”

He said the COP28 climate conference in the UAE “highlighted methods for enhancing our fund's financial model to improve both impact and return for our investors”.

“It also reinforced the notion that the green energy sector is poised to be a key investment trend in the upcoming decades, a perspective affirmed by the United Nations.”

Mr Buchin added: “Bermuda is highly focused on sustainability issues, both due to its own vulnerability to rising temperatures and the nature of the many reinsurance companies headquartered there.

“For Irbisio, Bermuda provides an excellent international business environment where investors benefit from strong regulations and governance.”

According to the statement, the fund will specialise in investment opportunities that “deliver a significant impact on CO2 reduction and other beneficial environmental metrics, offer a reliable route to financial return and can adhere to a rapid completion timetable”.

It added that Irbisio will focus on projects encompassing energy conservation, sustainable energy generation, and usage optimisation.

“Backed by an extensive project pipeline valued at several hundreds of millions of dollars, Irbisio will invest in high-return projects with well-defined exit strategies, ensuring swift capital turnaround.

“Through its integrated approach, Irbisio also ensures adherence to industry best practices, while guaranteeing robust and accountable investment operations,” the statement added.

• For the full statement from Irbisio, see Related Media

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Published December 12, 2023 at 7:59 am (Updated December 12, 2023 at 7:32 am)

New Bermudian-based clean energy investment fund launches

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