The Ireland Strategic Investment Fund has said its total value has grown to €8.7 billion, up from €7.2 billion since it was established in December 2014.

The fund was boosted by €655m in investment gains and €865m in Exchequer injections from AIB dividends and the sale of Aer Lingus shares.

In its end of year review for 2017, the fund said it has now made a total of 79 investments, which are supporting over 28,000 jobs across all regions of the country.

Today's review also stated that €9.1 billion has been committed to ISIF-backed projects by the end of last year. This was made up of €3.4 billion of direct ISIF commitments and €5.7 billion of co-investment from the private sector.

Just last week, the ISIF said it was backing a €140m renewable energy project that will see 20 solar parks developed across the country. The new parks will be developed by Power Capital.

It is also making strong progress in other sectors, including housing, infrastructure, funding of SMEs, agribusiness and technology.

"The investment gains generated by the Fund demonstrate a very satisfactory performance for a low risk fund in the current interest rate environment," commented Conor O'Kelly, the chief executive of the National Treasury Management Agency, which manages and controls the ISIF.

Mr O'Connor said that as well as its investment returns, the fund has been "very effective" as a catalyst for private sector investment in Ireland.

"We are pleased that the €3.4 billion committed by the Fund to the Irish investments has been augmented by €5.7 billion in private sector co-investment," he added.