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Aware Super backs Generate capital raise
Sustainable infrastructure company Generate has raised US$2 billion ($2.72 billion), which includes new investment from industry super fund Aware Super.
Previous investors included AustralianSuper and QIC, as well other global institutional investors, which invested in projects that would help the commitment to net zero emissions.
Generate built, owned, operated and financed sustainable infrastructure that aimed to deliver affordable and reliable resource solutions for companies, governments and communities.
Over the last seven years, Generate had built a portfolio of sustainable infrastructure assets across energy, waste, water and transport markets.
Mark Hector, Aware Super senior portfolio manager – infrastructure and real assets, said the partnership helped the commitment to net zero for the fund.
“As one of Australia’s largest pension funds, we have committed to achieving net zero by 2050 and have ambitious targets to invest in renewables and sustainable technologies to help us achieve this goal,” Hector said.
“This new partnership with Generate supports our growing portfolio of sustainable infrastructure assets in the US and globally.
“We look forward to supporting Generate’s continued impressive growth and development while delivering strong returns to our members.”
Scott Jacobs, Generate chief executive and co-founder, said the firm was purpose-built to deploy sustainable infrastructure at scale and this milestone enables the next phase of growth.
“Successful infrastructure projects require a long time horizon, dedicated operational expertise and a commitment to deliver returns for all of the many stakeholders involved in infrastructure,” Jacobs said.
“The urgent need to deploy proven climate solutions and get the world to a net zero pathway has never been greater.
“We are grateful to have a truly values-aligned set of investors committed to our mission of rebuilding the world.”
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