QIC and Future Fund join the Powering Australian Renewables Fund
AGL today announced QIC, on behalf of its clients the Future Fund and those invested in the QIC Global Infrastructure Fund, as its equity partner in the $2-3 billion Powering Australian Renewables Fund (PARF).
PARF is a landmark partnership created by AGL to develop, own and manage approximately 1,000 MW of large-scale renewable energy infrastructure assets and projects. These projects will help meet Federal Government targets and spur investment and development in support of Australia’s transition to a low-carbon economy.
QIC on behalf of its managed clients including the Future Fund will provide $800 million in equity funding to PARF, whilst AGL will provide $200 million.
It is anticipated that AGL’s proposed wind farms in Silverton (up to 200 MW) in New South Wales and Coopers Gap (up to 350 MW) in Queensland will be the first two projects offered to the Fund.
The PARF expects to acquire AGL’s existing 102 MW Nyngan and 53 MW Broken Hill solar plants as seed assets and to commit to its first new build project by March 2017.
For more information see our media release.
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