State investment fund backed Irish Water to ‘fill a gap’

The State’s investment fund pumped €300m into Irish Water last year to “fill a gap” and satisfy the utility’s private funding partners, according to its director.

Ireland Strategic Investment Fund (ISIF) chief Eugene O’Callaghan said the fund’s investment in Irish Water came about as the utility’s lenders were keen to see the State with some “skin in the game”.

Its investment added a level of comfort to those prospective partners while also satisfying the fund’s dual mandate of providing a return on investment and supporting economic activity, Mr O’Callaghan said.