Cbus Super and the Dutch Infrastructure Fund (DIF) have jointly bought an 80.1% equity interest in a Western Australian renewable energy producer for around AUD198m (€124.3m).
The portfolio of wind and solar renewable generation assets is known as Bright Energy Investments (BEI).
Synergy, the West Australian Government-owned electricity generator and retailer, will hold the remaining 19.9%.
The Australian superannuation fund, which manages AUD43bn in assets, and DIF will each hold 40.5%.
David Atkin, Cbus CEO, 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.”
The fund sees the investment providing opportunities in the transition to a climate-resilient economy and enables Cbus to contribute to United Nations Sustainable Development goals, he said.
Cbus head of infrastructure, Diana Callebaut, said: “Our priority is generating sustainable returns. From a risk and return perspective, this investment stacks up and strongly aligns with our fund’s long-term outlook.”
Callebaut described the deal as a unique opportunity to obtain a portfolio of renewable energy assets with long-term contracts.
In addition, she said, it presented the opportunity to access a pipeline of future greenfield renewable assets.
Bright Energy Investments will begin its development pipeline by constructing Stage Two of the Greenough River Solar Farm and refurbishing the existing Albany Grasmere Wind Farm.
The company also holds development rights for WA’ s Warradarge Wind Farm and will now commence the development process for this project.
An earlier version of this story misstated DIF’s stake.