The Clean Energy Finance Corporation (CEFC) has announced a $75 million contribution to Octopus Australia’s $10 billion renewable energy platform, which seeks to further institutional and wholesale investment in Australia’s clean energy industry.
The Octopus Australia Sustainable Investments (OASIS) Fund, open to institutional investors, and the Octopus Renewable Energy Opportunities (OREO) Fund, open to wholesale investors, have access to the entire Octopus Australia utility scale energy and storage portfolio.
The 333MW Darlington Point Solar Farm in New South Wales, Australia’s largest operational solar project, is the first to be jointly acquired by OASIS and OREO.
Investment in renewable energy infrastructure is critical to the success of Australia’s net-zero targets according to CEFC Executive Director Monique Miller.
“Australia needs significant renewable energy build-out to tackle the task of decarbonising the grid and meeting our net zero targets,” Ms Miller.
“It’s a pleasure to be working with Octopus again. Our $75 million cornerstone commitment into the OASIS fund will help address the need for new investment in utility-scale renewable energy projects, and facilitates the entry of a major global fund manager into the Australian market.
“It’s also great to be making the investment alongside key superannuation funds, showing the strong opportunity for institutional capital to supply the ongoing demand for exposure to renewable energy investment.”
Octopus’s platform, set-up to manage Australia’s energy transition, will finance the entire renewable energy life cycle from development, through construction and into long-term operations.
Currently the secured portfolio sits at $3 billion across wind, solar and storage, with a visible pipeline of an additional $5 billion. Further information on the next acquisition by Octopus Australia will be announced shortly.
Managing Director of Octopus Australia, Sam Reynolds said the project would help to realise Australia’s clean energy potential.
“We are very pleased to launch this unique platform for Australian institutional and wholesale investors to participate in Australia’s renewable energy future,” Mr Reynolds said.“The Octopus Group’s approach to investing in renewable energy has developed globally over the last 15 years.
“As such, we saw early on the massive opportunity in Australia and how a portfolio approach to the market could align our institutional customers (in OASIS), alongside our family office and advised investors (in OREO) to create defensible and sustainable value into the future.”
Octopus Australia’s institutional investors include the CEFC, superannuation fund Hostplus, and Octopus Renewable’s own Sky Fund.