Powering Australian Renewables (PowAR) is an Australian infrastructure

investment fund An investment fund is a way of investment, investing money alongside other investors in order to benefit from the inherent advantages of working as part of a group such as reducing the risks of the investment by a significant percentage. These ad ...

closely associated with but independent from

AGL Energy AGL Energy Ltd is an Australian listed public company involved in both the generation and retailing of electricity and gas for residential and commercial use. It is one of the "big three" retailers in the National Electricity Market. AGL is ...

. Initial investment in PowAR was $200M from AGL, and up to $800M from each of QIC Global Infrastructure Fund and the Australian

sovereign wealth fund A sovereign wealth fund (SWF), or sovereign investment fund, is a state-owned investment fund that invests in real and financial assets such as stocks, Bond (finance), bonds, real estate, precious metals, or in alternative investments such as ...

, the

Future Fund The Future Fund is an independently managed sovereign wealth fund established in 2006 to strengthen the Australian Government's long-term financial position by making provision for unfunded superannuation liabilities for public servants that wil ...

. PowAR’s initial assets included the Nyngan Solar Plant and the Broken Hill Solar Plant, both developed by AGL Energy in 2015. It added Silverton Wind Farm and

Coopers Gap Wind Farm Coopers Gap Wind Farm is a 453 megawatt wind farm in the Western Downs and South Burnett regions of Queensland, Australia. It is located approximately 175 km north-west of the state capital Brisbane, and 50 kilometres south-west of Ki ...

soon after, both developed by AGL. In 2021, PowAR was a partner in a consortium formed to take over

Tilt Renewables Tilt Renewables Pty Ltd is an Australian electricity generation company. It was previously dual listed on the New Zealand Exchange, New Zealand stock exchange and Australian Securities Exchange, Australian stock exchange. As of 2022, the Powerin ...

. PowAR would receive the Australian assets of Tilt Renewables, with Mercury NZ to receive the New Zealand assets. In August 2021, PowAR took over the Australian assets and operations of the former

, making it the largest private developer and generator of wind and solar electricity in Australia. The combined organisation was subsequently renamed to Tilt Renewables. It holds the assets of both former entities, and is owned 40% by QIC, 40% Future Fund and 20% AGL.

References

{{reflist Investment funds Funds Renewable energy in Australia 2016 establishments in Australia

See also

References