The transaction, which was announced last week, confirms PowAR’s standing as Australia’s leading owner and operator of wind and solar generation. Post the successful acquisition of Tilt, which is subject to regulatory and shareholder approvals, PowAR will have an installed capacity of 1,313MW and a world-class pipeline of new projects of more than 3,500MW.
Hostplus’ participation in this transaction comes through its existing direct investment in PowAR and its investment in the QIC managed Global Infrastructure Fund.
Hostplus CEO, David Elia, described this as a major milestone in its commitment to stepping up investments in renewable energy and supporting Australia’s transition to a more sustainable energy future.
“Climate change is one of the biggest challenges facing the world today and our holding in PowAR is just one element of our commitment to investing in the solutions that will be critical to transitioning to a low-carbon economy. PoWAR’s acquisition of Tilt Renewables is a game-changer in this space and we are proud to be a part of this transaction.”
“As a significant investor in unlisted assets such as infrastructure, property and venture capital, Hostplus’ members are invested in companies such as PowAR that are at the forefront of ensuring a smooth transition towards a low-carbon economy”, said Mr Elia.
During its most recent Annual Members’ Meeting, held in December last year, Hostplus announced that it was actively considering a net zero emissions target as part of a review of the Fund’s approach to climate-related risk management. The outcome of this review is expected to be communicated to the Fund’s members in the near future.