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Cbus invests in Vic wind farm
Building and construction industry superannuation fund, Cbus Super, has announced an investment in the second Melbourne Renewable Energy Project (MREP2) via Cbus Property.
The group had secured a multi-million-dollar deal to power its operations using wind energy in regional Victoria, facilitated by the City of Melbourne.
The MREP2 agreement with Tango Energy would be the equivalent of taking 28,000 cars of the road every year or powering 22,000 households.
As part of the agreement, the carbon emissions from Cbus Property’s Melbourne assets forecast to be reduced by 70%.
David Atkin, Cbus chief executive, said Cbus had set a target for all its property holdings to be net zero emissions by 2030.
“We know that the commercial market is looking for high-tech, low-emissions tenancies and involvement in these kinds of innovative projects is a market advantage,” Atkin said.
“Cbus Property is one of Australia’s leading property companies in terms of sustainability and this deal further reinforces its leadership while delivering savings to its tenants.”
MREP2 would start this month with Tango Energy to provide 110 GWh of renewable electricity per year to the purchasing group over 10 years.
Most of the wind power would be produced at Pacific Hydro’s Yaloak South Wind Farm near Ballan, with the remainder from other wind farm projects across the state.
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More than two decades since Australian super funds first ventured into infrastructure, an investment services firm owned by industry funds says that the asset class is slowly breaking free of its “alternatives” identity.
In an address to the National Press Club last week, the incoming chair of Australia’s sovereign wealth fund said institutional investors could play a role in the winding road towards net zero.
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