Australian pension fund Cbus Super has acquired a 10% stake in the 2200MW Star of the South offshore wind farm from project developer and majority owner Copenhagen Infrastructure Partners (CIP). It marks Cbus’ first foray into offshore wind.
Star of the South is Australia’s most advanced offshore wind project, planned for a site off the south coast of Gippsland in Victoria. It will use up to 200 turbines and power up to 1.2 million homes through underground cables connecting to the Latrobe Valley.
The state of Victoria is targeting at least 2GW of offshore wind capacity by 2032 and up to 9GW by 2040. It has recently passed legislation enabling the 2040 target through an overhaul of electricity infrastructure.
“Combining CIP’s industrial background and international experience within offshore wind with Cbus’ local experience, our partnership will enable the provision of renewable power to Victorian homes and businesses and contribute to reaching Victoria’s decarbonisation targets,” said Michael Hannibal, partner at CIP.
CIP is the world’s largest dedicated fund manager within greenfield renewable energy investments and a leader in offshore wind. It aims to deploy €100 billion into green energy investments by 2030. It currently has €18 billion of assets under management focused on energy infrastructure investments.
Cbus Super is Australia’s largest fund for the building, construction and allied industries. As of 30 April 2022, it had more than A$73.5 billion (US$52.9 billion) in funds under management.
Star of the South has also appointed Charles Rattray chief executive officer, starting in August 2022. He was previously managing director at Nexif Energy, where he oversaw energy projects, including the Lincoln Gap wind farm.
Rattray succeeds Casper Frost Thorhauge, who served as Star of the South chief executive for two and a half years until March 2022. Erin Coldham is currently acting CEO and will resume her role as chief development officer in August.
.png)
.png)
