Nature of many reinsurers headquartered in Bermuda a primary driver for sustainability
To support further growth in the insurance and reinsurance sectors in Bermuda, a new clean energy fund, Irbisio Green Energy Fund, has been recently established to invest in clean technology infrastructure.
With a primary goal of deploying $100 million within two years, the fund aims to finance sustainable projects that contribute to achieving carbon net zero, while also offering stable returns to its investors.
Located at Innovation House on Reid Street, the fund currently employs one person and plans to expand its team by hiring a lawyer and a financial analyst in the upcoming year. Irbisio has been operating discreetly over the past year and plans to make investments across Europe, the Americas, and the Middle East.
Additionally, as per a report from The Royal Gazette, the fund is open to investing in local Bermudian projects. The focus is on leveraging Bermuda’s potential for renewable energy, which could lead to reduced consumer prices. The spokesperson also mentioned the possibility of Bermudian companies becoming national leaders and expanding to other island nations.
Irbisio’s investment criteria are based on three key 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) assisted in the creation of Irbisio, facilitating interactions with government regulators, legal counsel, and banks. David Hart, CEO of the BDA, highlighted that Irbisio’s establishment aligns with Bermuda’s goal to become a global leader in the climate risk solutions sector.
Sergey Buchin, founder and CEO of Irbisio, also emphasized the importance 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, due to 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 backed 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.
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