Rest, one of Australia’s largest superannuation funds has upped its allocation to renewable energy transition assets with a new commitment to Octopus Australia’s flagship fund.
The $75 billion super fund, which invests on behalf of 1.9 million members has committed $250 to the Octopus Australia Sustainable Investments Fund (OASIS), which has now closed the second round of its fundraising, with A$550 million being raised over the past 12 months.
The OASIS fund invests in assets across wind, solar and storage from development through to construction and operations. Its portfolio includes a windfarm in Queensland, a wind farm development in New South Wales and one in Victoria.
The benchmark asset allocation for Rest’s Core strategy includes a 11% allocation to infrastructure.
More than half of Rest’s members are 30 or younger, making climate change a top investment priority for the fund, as CIO Andrew Lill explains.
“OASIS is expected to enhance our members’ long-term financial interests and help shape Australia’s energy transition through a pipeline of solar, wind and storage infrastructure projects.
“This investment will also contribute to Rest’s objective to achieve a net zero carbon footprint for the fund by 2050 and is a welcome continuation of our plan to increase our allocation to climate-related solutions” he adds.
