The news: Renewable energy fund manager Octopus Australia has announced a new partnership with pension fund investor APG Asset Management, which will see APG commit over $1 billion to Octopus’ flagship platform OASIS.
The numbers: Octopus Australia holds an operating and development portfolio of over $11 billion across wind, solar and battery storage. APG, the largest pension services provider in the Netherlands, manages around €590 billion ($1 trillion) in pension assets.
The context: Octopus said the partnership will help it accelerate its growing platform and pipeline of utility-scale solar, wind and battery storage projects.
APG joins existing investors in the Octopus platform, including Australian superannuation funds Rest and Hostplus, international pension funds, the Australian Federal Government via the Clean Energy Finance Corporation, as well as private banks and wealth managers.
Completion of the proposed investment remains subject to the approval of the Foreign Investment Review Board and other relevant Australian regulatory authorities.
What they said: “This partnership marks a transformational moment for both our business and the broader Australian energy landscape,” said Sam Reynolds, CEO of Octopus Australia.
“To be chosen as the local partner by a global investor of APG’s calibre 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.”
Hans-Martin Aerts, APG’s head of infrastructure and private natural capital across Asia Pacific, commented: “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.”
“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.”
The source: Octopus Australia media release