Octopus Australia has formed a $1bn partnership with Dutch pension fund investor APG Asset Management.
As part of the partnership, APG intends to commit over $1bn to Octopus Australia’s flagship renewable energy platform, Oasis.
The deal will help accelerate Octopus Australia’s growing platform and pipeline of utility-scale solar, wind, and battery storage projects.
“This partnership marks a transformational moment for both our business and the broader Australian energy landscape,” said Sam Reynolds, chief executive of Octopus Australia.
“To be chosen as the local partner by a global investor of APG’s calibre is a powerful endorsement of our strategy and team and is a reflection of Australia’s position as a leading destination for long-term, sustainable infrastructure investment.”
Reynolds added: “Our teams are strongly aligned in purpose and ambition. Together, we will continue delivering projects that create long-term value for investors and communities, while playing a key role in decarbonising the nation.”
Following a comprehensive review, APG chose to partner with Octopus Australia based on its integrated development model and ability to progress shared impact, climate, and long-term value creation goals.
“Our partnership with Octopus Australia represents a substantial opportunity to drive meaningful impact around critical climate priorities with best-in-class renewables projects that are strongly positioned to generate value for decades to come,” said Hans-Martin Aerts APG’s head of infrastructure and private natural capital across Asia Pacific.
“We are looking forward to deepening our collaboration with Octopus Australia as we meet substantial demand for high-quality renewable energy infrastructure in key markets like Australia and support the wider energy transition needed across the world’s highest emissions regions.”
Octopus Australia has an operating and development portfolio of over $11bn across wind, solar and battery storage projects.
APG joins existing investors in the Octopus Australia platform, including large Australian superannuation funds, Rest and Hostplus, international pension funds, the Australian Federal Government via the Clean Energy Finance Corporation, as well as private banks and wealth managers.
Completion of the proposed investment remains subject to the approval of the Foreign Investment Review Board and other relevant Australian regulatory authorities.