UniSuper pumps $623m into Macquarie green energy and climate fund

UniSuper pumps $623m into Macquarie green energy and climate fund

UniSuper Chief Investment Officer John Pearce (Supplied)

One of the nation’s largest super funds, UniSuper, has committed up to USD$400 million (AUD$623 million) into an energy transition fund at Macquarie Asset Management that will invest in six sustainability projects worldwide.

The fund, known as the Macquarie Green Energy and Climate Opportunities Fund (MGECOF), will purchase six solar, wind, energy storage and carbon offset companies. These investments will be spread across Australia, Asia, the US and Europe.

MGECOF’s seed investments will be funded with a “significant” commitment from UniSuper, UK pension funds LGPS Central and Border to Coast Pensions Partnership, and Macquarie’s own balance sheet.

“This is an investment of scale and quality with a pipeline of opportunities helping to accelerate the transition to net zero,” UniSuper Chief Investment Officer John Pearce said.

“It will enable UniSuper to invest across technologies and geographies in projects that we believe will generate attractive long term returns for our members.

“The energy transition will require mature sustainable technologies to meet net zero targets in Australia and around the world.”

One of the investments includes Aula Energy, a renewable energy business launched by Macquarie Asset Management in 2023 that aims to develop, build and operate utility-scale wind, solar and integrated battery projects across Australia and New Zealand.

Aula has secured an initial 4 gigawatts of advanced development rights comprising wind and solar developments across Australia, including WA, where the company plans to develop a series of large-scale onshore wind farms totalling up to 2.4 gigawatts in partnership with Green Wind Renewables.

The portfolio acquired by the new fund also includes Macquarie’s Pan-Asian onshore wind, solar and energy storage development company Blueleaf Energy, as well as US-based entities Treaty Oak Clean Energy and Galehead Development.

Germany-based FORLIANCE, which specialises in nature-based carbon offsets, and Outer Dowsing, a 1.5-gigawatt offshore wind farm project in the UK, also form part of the portfolio.

“Over several years, we have worked closely with specialist teams and partners across our platform to create, acquire and grow a portfolio of companies and projects diversified across geographies, technologies, power markets and development stages,” said Edward Northam, who is Macquarie's Head of Core Renewables and Head of Asia Pacific for MAM Green Investments.

“The portfolio seeks to accelerate the green transition through its extensive, high quality development pipelines and operational projects that are well aligned to national targets and policies.”

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