CEFC tips $70m into QIC’s second global infrastructure fund
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The news: The Clean Energy Finance Corporation (CEFC) has invested $70 million into Global Infrastructure Fund II (QGIF II), managed by the Queensland Investment Corporation (QIC) to help drive decarbonisation across energy and transport in Australia.
The context: The AFR reports that QIC is still working on fundraising efforts for Fund 2, but is understood to be targeting a USD2 billion ($3 billion) final close by March. Its first fund was USD1.6 billion.
Key targets of the investment by CEFC, the government’s specialist climate investor, include infrastructure that supports the larger energy transition, including smart metering, decarbonisation of transport and renewable generation.
Julia Hinwood, CEFC head of infrastructure, said that targeting the infrastructure underpinning Australian energy and transport systems, CEFC is helping accelerate the lowering of emissions across the broader Australian economy.
QGIF II will establish greenhouse gas emission reduction targets at each portfolio company and binding sustainability standards will be embedded across the portfolio which will also lift decarbonisation standards to target Scope 3 emissions, Renew Economy reports.
CEFC invested $72 million to QIC’s global infrastructure Fund 1 in 2021. In December, CEFC also announced plans to invest up to $35 million in Starling Energy Group’s retail brand Plico to support the rollout of its end-to-end battery and virtual power plant service.
What they said: “This investment is about accelerating sectors that are critical to the energy transition and driving change where it matters most” said Hinwood.
“By supporting Scope 3 measures, the Fund is taking the next step towards decarbonisation across the entire supply and operations value chain, setting new benchmarks for emissions accountability and climate impact,” Hinwood said.
The sources: AFR, Renew Economy
