Octopus Investments Australia Pty. Ltd. announced on Tuesday a partnership with Dutch pension fund investor APG Asset Management, with the combined assets under management exceeding $680 billion.
As part of the partnership, APG intends to commit more than $650 million to Octopus Australia’s flagship renewable energy platform, OASIS [Octopus Australia Sustainable Investments Fund].
Octopus described the partnership has one of the most significant institutional engagements in Australia’s clean energy transition to date. Octopus stated that the investment will help accelerate its pipeline of utility-scale solar, wind and battery storage projects.
“This partnership marks a transformational moment for both our business and the broader Australian energy landscape,” Octopus CEO Sam Reynolds said in a statement. “To be chosen as the local partner by a global investor of APG’s caliber is a powerful endorsement of our strategy and team and is a reflection of Australia’s position as a leading destination for long-term, sustainable infrastructure investment.”
Octopus and APG are strongly aligned in their purpose and ambition, the firm stated.
“Together, we will continue delivering projects that create long-term value for investors and communities, while playing a key role in decarbonizing the nation,” Reynolds stated.
APG stated that the pension fund, following a comprehensive review, chose to partner with Octopus based on the manager’s integrated development model and ability to advance shared impact, climate and long-term value creation goals.
“Our partnership with Octopus Australia represents a substantial opportunity to drive meaningful impact around critical climate priorities with best-in-class renewables projects that are strongly positioned to generate value for decades to come,” said Hans-Martin Aerts, APG’s head of infrastructure and private natural capital, in a statement. “We are looking forward to deepening our collaboration with Octopus Australia as we meet substantial demand for high-quality renewable energy infrastructure in key markets like Australia and support the wider energy transition needed across the world’s highest emissions regions.”
APG joins existing investors in the Octopus platform, including superannuation providers Rest, Hostplus, other international pension funds, Australia’s Clean Energy Finance Corp., and private banks and wealth managers.
Completion of the proposed investment remains subject to the approval of Australia’s Foreign Investment Review Board and other relevant Australian regulatory authorities.
This article originally appeared in our sister publication, Financial Standard, which, like CIO, is owned by ISS STOXX.
Tags: APG Asset Management, Australia, energy transition, Hostplus Superannuation Fund, natural capital, Renewable Energy, Rest Super
