Rest has announced a new investment in renewable energy developer and fund manager Octopus Australia.
The $75 billion fund will invest in the renewable energy fund Octopus Australia Sustainable Investments Fund (OASIS).
OASIS provides local and international institutional investors with exposure to Australia’s renewable energy transition. The fund invests in assets across wind, solar, and storage from development through to construction and operations.
This was part of a fundraising round by Octopus Australia that raised $250 million, bringing total funds raised over the last 12 months to $550 million on its renewables platform.
Octopus Australia plans to commence a third fundraising round at the end of 2023.
Other investors in OASIS include fellow super fund Hostplus, Sky Renewables, and the Clean Energy Finance Corporation (CEFC).
Andrew Lill, Rest chief investment officer, said: “Rest is excited to invest in this renewable energy fund and continue to be part of the transition to net zero on behalf of our more than 1.9 million members.
“Rest represents more than a million members aged 30 or younger, who will retire after the year 2050. We have strong conviction that responsible investing adds value.
“OASIS is expected to enhance our members’ long-term financial interests and help shape Australia’s energy transition through a pipeline of solar, wind and storage infrastructure projects.”
The investment will contribute to the fund’s objective to achieve a net-zero carbon footprint by 2050.
Sam Reynolds, managing director of Octopus Australia, said: “The Australian energy market is making important strides towards securing a sustainable, renewable-led future. Institutional investors are playing an essential role in driving change.
“We are thrilled that Rest has placed its trust in Octopus Australia to support the energy transition on behalf of its members, generating both renewable energy and financial returns.”
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