Macquarie will seed a new core renewable energy fund with some of its $2bn portfolio of assets, as exits slow.
Stonepeak’s investment will be deployed across AGP’s existing business – such as energy transition, data centres and community housing – as well as into several new business lines.
Macquarie's Chris Archer explains how ample subsidies and long-term contracts make EV battery factories fit under the infrastructure umbrella.
The Australian fund manager is aiming for a more decarbonised and self-sufficient supply chain buying solar modules and batteries for its renewables projects that use the polysilicon manufactured at the Lansdown facility.
AustralianSuper says Origin is ‘substantially’ undervalued and ‘an ideal platform to invest in the energy transition’.
Portfolio manager Jiren Zhou sees more attractive returns compared to utility-scale assets, and a way to avoid grid congestion headaches.
The bidders’ brown-to-green plan for Origin Energy eclipsed significant competition concerns in the Australian watchdog’s landmark decision.
Australia’s competition watchdog said Brookfield’s Global Transition Fund would have a ‘strong imperative and commercial incentive to lower emissions quickly’, outweighing vertical integration concerns.
Morrison & Co’s Steven Fitzgerald said the investment is consistent with its decarbonisation thematic and ‘fundamentally’ has the characteristics of infrastructure.
The sale is being run in steps, with the first round of about $500m recently closed and pricing coming in at more than 90% of NAV.