Cbus closes renewable energy deal
Tuesday, 10 April, 2018
Cbus Super, the industry super fund for the construction, building and allied industries, has announced an investment in renewable energy that is expected to deliver long-term returns to members and sustainable power to Western Australia.
Cbus, alongside the Dutch Infrastructure Fund (DIF), will hold an 80.1% equity interest in a portfolio of wind and solar renewable generation assets known as Bright Energy Investments (BEI). Synergy, the WA Government-owned electricity generator and retailer, will hold the remaining 19.9%.
Cbus CEO David Atkin said the deal will deliver strong, sustainable, long-term returns for Cbus members as well as make a meaningful contribution to the WA economy, creating local jobs and supporting the development of sustainable power for the communities in which its members live.
“We are delighted to be partnering with Synergy and DIF in a deal that represents the strong alignment of long-term interests of the parties that will deliver for Western Australian communities,” Atkin said.
“This sustainable long-term investment is a significant milestone for the fund’s new direct infrastructure investment strategy as well as our commitment to addressing climate change.”
Cbus Head of Infrastructure Diana Callebaut said the deal provides an opportunity to obtain a portfolio of renewable energy assets with long-term contracts, as well as the opportunity to access a pipeline of future greenfield renewable assets.
“Our priority is generating sustainable returns for our 755,000 members and from a risk and return perspective this investment stacks up and strongly aligns with our fund’s long-term outlook,” Callebaut said.
“The investment is unique in that it also provides opportunities in the transition to a climate-resilient economy and enables Cbus to contribute to the United Nations Sustainable Development Goals.”
BEI will commence its development pipeline by constructing Stage Two of the Greenough River Solar Farm (GRSF2) and refurbishing the existing Albany Grasmere Wind Farm (AGWF). It also holds development rights for the Warradarge Wind Farm (WWF) and will now commence the development process for the project.
Based on current estimates, the development of GRSF2 and the proposed development of WWF will create approximately 200 new construction jobs in WA’s mid-west region.
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