Published 14 September 2021
LGIAsuper and Energy Super are now a proud co-investor in the largest renewables platform in Australia thanks to Powering Australian Renewables (PowAR). PowAR completed its acquisition of the Australian business of Tilt Renewables on 3 August 2021, further strengthening Australia’s energy transition.
Powering Australian Renewables (PowAR) was established in 2016 by QIC in partnership with AGL Energy to drive the development of large-scale renewable energy projects across Australia. QIC manages 80 per cent of the business on behalf of the Future Fund Board of Guardians, the QIC Global Infrastructure Fund and its co-investors, which include LGIAsuper and Energy Super.
The combined PowAR / Tilt business owns more than 1,300 megawatts (MW) of operational renewable energy capacity across nine geographically diverse wind and solar generation assets.
This transaction also provides PowAR with a high-quality development pipeline, which at over 3,500MW, will ensure PowAR continues to play a leading role in the decarbonisation of the Australian energy market.
LGIAsuper and Energy Super Chief Investment Officer Troy Rieck said the acquisition exemplifies the fund’s values of investing in nation-building assets.
“It’s important that our fund not only looks at growing our investment results but also the impact these investments will have on the future,” Mr Rieck said.
“PowAR is driving the development of large-scale renewable energy projects across Australia, which in turn will provide sustainable energy for our future, more employment opportunities, and returns to members.”
Mr Rieck said the fund’s investment in a diversified renewable energy business goes beyond financial risk management.
“There is a significant financial risk in ignoring the need for climate action but failure to address climate change will also have adverse effects on our members’ quality of life in the future,” Mr Rieck said.
“Our Fund is proud to be supporting a cleaner, more reliable energy future for members and their families.”
For more information on the fund’s investment strategy, please visit www.lgiasuper.com.au or www.energysuper.com.au.