Australian superannuation fund Rest and Australia’s green bank, Clean Energy Finance Corporation (CEFC), are among the investors backing Octopus Australia’s latest renewable-energy project in Victoria.
Construction of the A$300m (€162m) Fulham Solar Farm project – which will have a power capacity of 80MW and battery storage with 128MWh capacity – has begun and is expected to be fully operational in 2027.
Octopus Australia has secured a power purchase agreement (PPA) from the Victorian State government.
Simon Esposito, Rest’s interim co-chief investment officer, said: “As a long-term investor and supporter of Australian infrastructure assets, particularly in the renewable-energy sector, we believe our members will benefit from the attractive risk-adjusted return prospects of the Fulham Solar Farm and Battery project, as well as from having additional renewable energy assets in their communities.”
Monique Miller, CEFC chief investment officer, renewables and sustainable finance, said: “The Fulham solar farm will provide clean energy and construction jobs to the Gippsland region to help decarbonise the energy sector and demonstrates the key role regional Australia has to play in powering towards a low emissions future.”
Sonia Teitel, Octopus co-managing director of renewables Australia, said: “This project demonstrates our ability to bring together institutional capital, government support, and leading-edge technology to create renewable assets that provide long-term benefits to our communities and investors.”
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