Australian superannuation fund UniSuper has committed to AUD$622 million to Macquarie’s renewables fund, investing in the global energy transition and climate opportunities.
Macquarie Green Energy and Climate Opportunities Fund (MGECO) is an open-ended fund that invests in large-scale, mature sustainable technologies to support the transition to net zero and help meet sustainable energy needs in Australia and overseas.
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MGECO’s 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.
The investments include 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 an initial ~4GW 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.
UniSuper chief investment officer John Pearce said UniSuper was a significant investor of the fund and would 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. It will enable UniSuper to invest across technologies and geographies in projects that we believe will generate attractive long-term returns for our members,” Pearce said.
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“The energy transition will require mature sustainable technologies to meet net zero targets in Australia and around the world. Macquarie is one of the most experienced managers in this space with deep expertise, strong financial backing and a proven track record, their experienced on the ground investment and operational teams and global networks are second to none.
“The investment supports UniSuper’s strategy to develop smart partnerships with high- quality, aligned managers to complement our in-house investment capability.”
