ReNu Energy and its subsidiary Countrywide Hydrogen—together known as RNE Group—have signed a platform agreement with superannuation fund HESTA for potential co-investment in green hydrogen projects developed by RNE Group.
The agreement will see RNE Group identifying, developing and presenting green hydrogen projects to HESTA for the superannuation fund to decide whether to co-invest. Investment decisions will be made on a project-by-project basis.
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ReNu Energy executive chairman Boyd White said, “We are pleased to announce the signing of the Platform Agreement with HESTA, which converts our previously announced Term Sheet into a binding framework for potential investments. After considered and detailed analysis for the future pathway and partnership, this robust agreement provides ReNu Energy shareholders with a co-investment partner highly respected for its commitment to sustainability and responsible investments. With HESTA’s support we look forward to delivering green hydrogen projects and contributing to a lower carbon future.”
HESTA chief investment officer Sonya Sawtell-Rickson said, “HESTA has a long-term focus on investing in opportunities arising from the transition to a lower carbon future. We’re looking for opportunities to invest in the development of innovative technologies and businesses at the forefront of decarbonisation.
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“That’s why we’re excited to further deepen our relationship with ReNu Energy through this new framework for potential co-investment opportunities. By using our scale and expertise, we aim to support the development of a pipeline of potential projects that can help deliver strong long-term investment returns for members while accelerating the transition to a more sustainable future. In doing so, we’re also supporting an emerging sector that we believe is poised for significant future growth.”
HESTA is the largest superannuation fund dedicated to Australia’s health and community services sector.
