UniSuper to invest up to $620m in Macquarie green tech fund
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The news: UniSuper has committed to invest up to USD400 million ($620 million) in Macquarie Asset Management’s Macquarie Green Energy and Climate Opportunities (MGECO) fund.
The context: MGECO invests in large-scale, mature sustainable technologies to support the transition to net zero and help meet sustainable energy needs in Australia and overseas.
The portfolio includes six seed investments across Australia, Asia, US and Europe. The investments are Galehead Development, Treaty Oak Clean Energy, Aula Energy, Blueleaf Energy, Outer Dowsing and Forliance.
Among then, renewable energy business Aula is the only Australian-based company. It was launched in November 2023 by Macquarie’s specialist Green Investments team.
Macqurie declined to disclose how much MGECO had in funds under management.
The MGECO portfolio was developed over several transactions since 2018, with investments incubated on Macquarie Group’s balance sheet. The portfolio of investments is being supported by investors including LGPS Central and Border to Coast Pensions Partnership.
What they said: UniSuper CEO John Pearce said: “This is an investment of scale and quality with a pipeline of opportunities helping to accelerate the transition to net zero. It will enable UniSuper to invest across technologies and geographies in projects that we believe will generate attractive long term returns for our members”.
“The energy transition will require mature sustainable technologies to meet net zero targets in Australia and around the world,” he said.
The sources: UniSuper media release, Macquarie Asset Management
