UniSuper awards US$400 million energy transition mandate as part of its net zero objectives
UniSuper, a $135 billion open-offer, superannuation fund, has committed up to US$400 million to the Macquarie Green Energy and Climate Opportunities Fund, which invests in the global energy transition and climate opportunities.
The Macquarie fund invests in large scale, mature sustainable technologies to support the transition to net zero emissions and to help meet sustainable energy needs in Australia and overseas.
UniSuper is a significant investor in the fund and will be investing alongside Macquarie’s balance sheet.
“This is an investment of scale and quality with a pipeline of opportunities helping to accelerate the transition to net zero,” John Pearce, Chief Investment Officer at UniSuper 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,” he said.
This is an investment of scale and quality with a pipeline of opportunities helping to accelerate the transition to net zero. 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 fund aims to provide diversified exposure to the global renewable sector with a growing pipeline of opportunities across geographies, technologies, power markets, renewable resources and asset lifecycle stages.
The fund targets a portfolio that aims to be resilient across the economic cycle with an initial focus on assets in hard to access sectors and geographies that provide opportunity for growth.
The portfolio is expected to include six seed investments across Australia, Asia, US and Europe. These businesses will provide initial access to approximately 100 underlying projects across onshore and offshore wind, solar, storage and carbon related projects.
One of the investments is Aula Energy, an onshore renewable energy business that plans to develop, build and operate utility-scale wind, solar and integrated battery projects across the Australian and New Zealand markets to create a diversified portfolio of actively managed green energy generation assets for the future.
Aula has secured initially about four gigawatts of advanced development rights comprising wind and solar developments from Western Australia to South Australia and the eastern states and is expected to expand and grow over time.
The mandate is part of UniSuper’s efforts to achieve net zero in its investment portfolio by 2050 and to contribute to Australia’s goal to achieve a 43 per cent reduction in emissions by 2030.
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