Oslo-based pension fund KLP has committed 2 billion Norwegian kroner (AU$295 million) to Australian greenfield net zero infrastructure developer and investor Quinbrook Infrastructure Partners.
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Quinbrook was founded by two Australians and is now one of the world’s leading renewable energy developers, with the largest solar generation projects in the US and the UK and has over US$5 billion under management.
Quinbrook co-founder and managing partner David Scaysbrook said, “Quinbrook welcomes this significant investment from KLP and the establishment of a long-term partnership with a widely respected institution at the forefront of ESG and impact investing.
“We are excited to have their support as we devise and execute innovative new infrastructure investment strategies driving the energy transition in impactful ways that are delivering positive and measurable outcomes for the environment and the communities in which we operate.”
The funds will go into the Quinbrook Net Zero Power Fund allocation contribute to the annual goal “and be part of the transition to a net-zero society,” KLP director of risk management and allocation Harald Koch-Hagen said.
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As of March 31, KLP had 710.5 billion Norwegian kroner in assets, while the parent company KLP Group, including five subsidiaries, had total assets of 902.9 billion kroner. The annual goal of investing 6 billion kroner each year in climate-related investments was set in 2017, and now accounts for 8% of KLP Group’s total investments.
