19 April 2024
UniSuper, the $135 billion superannuation fund open to all Australians, today announced it has committed up to USD400m to Macquarie Green Energy and Climate Opportunities Fund (MGECO), investing in the global energy transition and climate opportunities.
MGECO is an open-ended fund that invests in large scale, mature sustainable technologies to support the transition to net zero and help meet sustainable energy needs in Australia and overseas. It aims to provide diversified exposure to the global renewable sector with a growing pipeline of opportunities across geographies, technologies, power markets, renewable resources and asset lifecycle stages.
MGECO targets a portfolio that aims to be resilient across the economic cycle with an initial focus on assets in hard to access sectors and geographies that provide opportunity for growth. The portfolio is expected to include six seed investments across Australia, Asia, US and Europe. These businesses will provide initial access to approximately 100 underlying projects across onshore and offshore wind, solar, storage and carbon related projects.
The investments include Aula Energy, an onshore renewable energy business that plans to develop, build and operate utility-scale wind, solar and integrated battery projects across the Australian and New Zealand markets to create a diversified portfolio of actively managed green energy generation assets for the future. Aula has secured an initial ~4 gigawatts of advanced development rights comprising wind and solar developments from Western Australia to South Australia and the eastern states and is expected to expand and grow over time.
UniSuper’s Chief Investment Officer, John Pearce said UniSuper is a significant investor of the Fund and will be investing alongside Macquarie’s balance sheet.
The energy transition will require mature sustainable technologies to meet net zero targets in Australia and around the world. Macquarie is one of the most experienced managers in this space with deep expertise, strong financial backing and a proven track record, their experienced on the ground investment and operational teams and global networks are second to none. The investment supports UniSuper’s strategy to develop smart partnerships with high quality, aligned managers to complement our in-house investment capability."
MGECO’s structure and long-term investment horizon aligns both with the nature of the investments and with UniSuper’s members many of whom will be investing their retirement savings for many years to come.
UniSuper continues to work towards its objective to achieve net zero in its investment portfolio by 2050 and to contribute to Australia’s goal to achieve a 43% reduction in emissions by 2030.
For media inquiries, please contact:
Zach Relouw
PR/Media Lead
UniSuper
T: +61 3 8831 6360
E media@unisuper.com.au
Note to editors
Sustainable and environmental investing means different things to different people. Different products have different investment criteria. Read our How we invest your money IBR to find out what sustainable and environmental investing means to us and what our investment options invest in. This information may include forward-looking statements relating to the seed assets which are based on current plans and estimates as at the date of this release. These statements are not guarantees of future performance and you should not place reliance on them. These investments are not being recommended for inclusion in personal portfolios. These investments were chosen because they were suitable for UniSuper’s situation at the time but may not be suitable for others.
Please note past performance is not an indicator of future performance. The information provided above is of a general nature only and does not take into account your individual objectives, financial situation or needs. Please consider the Product Disclosure Statements and Target Market Determinations relevant to your membership category on our website and your situation before making decisions, because we haven’t. Consider the appropriateness of the information having regard to your personal circumstances and consider consulting a licensed financial adviser before making an investment decision based on the information provided above. Issued by UniSuper Limited ABN 54 006 027 121 the trustee of the fund UniSuper ABN 91 385 943 850.
About UniSuper:
UniSuper is one of Australia’s largest superannuation funds and is run solely for the benefit of its members. For over forty years, UniSuper has been managing super for people employed in the higher education and research sector, and as of 2021 opened the fund to all Australians. UniSuper currently invests over $135 billion on behalf of more than 647,000 members^.
^As at 31 March 2024.