News Americas, HAMILTON, Bermuda, Tues. Dec. 19, 2023: In a move to bolster the growth of Bermuda’s insurance and reinsurance sectors, the Irbisio Green Energy Fund has been established with a focus on investing in clean technology infrastructure.
With a primary objective of deploying $100 million of investments within the next two years, the fund aims to finance sustainable projects that contribute to achieving carbon neutrality while offering stable returns to its investors.
Located at Innovation House on Reid Street in Hamilton Bermuda, the fund is currently staffed by one person but plans to expand its team by hiring a lawyer and a financial analyst in the coming year. Operating discreetly over the past year, Irbisio intends to make investments across Europe, the Americas, and the Middle East.
Furthermore, the fund is open to investing in local Bermudian projects, with a particular emphasis on harnessing Bermuda’s renewable energy potential, which could lead to reduced consumer prices. The fund spokesperson also highlighted the possibility of Bermudian companies becoming national leaders and expanding to other island nations.
Irbisio’s investment criteria are based on three core factors: impact (such as CO2 reduction), reliability (ensured revenues through long-term contracts), and rapid construction time. Potential investment areas include renewable energy communities, recycling initiatives, and solar and energy storage solutions for residential and commercial sectors.
The Bermuda Business Development Agency (BDA) played a pivotal role in the creation of Irbisio, facilitating interactions with government regulators, legal counsel, and banks. David Hart, CEO of the BDA, emphasized that Irbisio’s establishment aligns with Bermuda’s ambition to become a global leader in the climate risk solutions sector.
Sergey Buchin, founder and CEO of Irbisio, stressed the significance of financial precision and deep technological understanding in the clean tech sector. The fund seeks to promote sustainable development by aligning with major technological trends and offering de-risked investment opportunities. Insights from the COP28 climate conference have influenced the fund’s financial model to enhance impact and returns.
Bermuda’s focus on sustainability, driven by its vulnerability to rising temperatures and the presence of many reinsurance companies, makes it an ideal location for Irbisio. The fund promises significant CO2 reduction and other environmental benefits while ensuring financial returns and adhering to rapid completion timelines.
Irbisio plans to invest in high-return projects with defined exit strategies, ensuring quick capital turnaround. The fund is supported by a substantial project pipeline, encompassing energy conservation, sustainable energy generation, and usage optimization. Irbisio also commits to following industry best practices and maintaining robust and accountable investment operations.
In a related development at COP28, Howden Group founder and CEO David Howden addressed the pressing issue of climate risk management and protection for vulnerable countries during his keynote address for the major event.