6 December 2022
Brighter Super is powering ahead with investment in renewable energy, helping build a positive and sustainable future for members and the community.
The fund recently added to its established wind and solar portfolio with a new, $40 million investment in the Queensland Investment Corporation-backed clean energy company, Tilt Renewables.
Brighter Super CEO Kate Farrar said investing in renewable energy, and the energy sector generally, supported the industry and the fund's energy members.
“As a member-owned industry fund, we can play a role during this time of change in the sector by investing in assets that will deliver solid returns for members while also supporting the industries on which Energy Super was built,” Ms Farrar said.
“Our members are at the frontline of the energy transition and we are working to invest in industries where there will be opportunities for our members now and in the future, as well as partnering with services like MATES in Energy that support our members through this change.”
Ms Farrar said that while the composition of the future energy mix was the subject of much policy debate, Brighter Super’s direct investments in the energy transition are in the wind, solar and waste to energy sectors as well as technology which enables the energy transition.
“Members ask about the fund’s position on nuclear power generation and other emerging technologies and the answer is simple. We do not directly fund or support nuclear energy generation anywhere in the world,” Ms Farrar said.
“We do not have any plans to invest in nuclear power generation.”
Ms Farrar noted that Australia recorded a new milestone in October when more than two thirds of power into Australia’s main grid (68.7%) was briefly provided by renewable sources for the first time.
“This goes to show how the industry is changing from even five years ago, when the maximum renewables contributed at their peak was only 30%,” she said.
“As the role of renewables grows, Brighter Super sees assets like wind and solar as a solid investment of our members’ retirement savings, as well as a means to support the transition in a sustainable and positive way.”
As well as investing in renewable energy, Ms Farrar said Brighter Super was also working to support energy members through the energy transition by partnering with groups including MATES in Energy, Electrogroup, NECA, MEA and The Services Union to deliver services, support apprentices and enhance employment and training opportunities.
“I am particularly proud of the work our team has been doing alongside MATES in Energy, which provides training for our frontline staff to help support members experiencing hardship or distress,” Ms Farrar said.
“We recognise that this is a time of intense change for workers in the electrical and energy sectors and Brighter Super is doing everything we can to be right by the side of our members through this process.”