Powering Australian Renewables Fund
| Company type | Investment fund |
|---|---|
| Industry | Renewable energy |
| Founded | 2016 |
| Headquarters | Australia |
| Owners |
|
Powering Australian Renewables (PowAR) is an Australian infrastructure investment fund closely associated with but independent from AGL Energy.[1]
Initial investment in PowAR was $200M from AGL, and up to $800M from each of QIC Global Infrastructure Fund and the Australian sovereign wealth fund, the Future Fund.[2]
PowAR’s initial assets included the Nyngan Solar Plant and the Broken Hill Solar Plant, both developed by AGL Energy in 2015. It added Silverton Wind Farm and Coopers Gap Wind Farm soon after, both developed by AGL. In 2021, PowAR was a partner in a consortium formed to take over Tilt Renewables. PowAR would receive the Australian assets of Tilt Renewables, with Mercury NZ to receive the New Zealand assets.[3]
In August 2021, PowAR took over the Australian assets and operations of the former Tilt Renewables, making it the largest private developer and generator of wind and solar electricity in Australia. The combined organisation was subsequently renamed to Tilt Renewables.[4] It holds the assets of both former entities, and is owned 40% by QIC, 40% Future Fund and 20% AGL.[5]
References
[edit]- ^ "Powering Australian Renewables Fund FAQs - AGL". Retrieved 22 April 2017.
- ^ "AGL signs up investors for renewables fund". 26 July 2016. Retrieved 22 April 2017.
- ^ Mazengarb, Michael; Parkinson, Giles (15 March 2021). "AGL leads renewable power play in agreed $2.75 billion bid for Tilt". Renew Economy. Retrieved 15 March 2021.
- ^ "Tilt Renewables". Queensland Investment Corporation. Retrieved 10 September 2024.
- ^ "Why we tilt". Tilt Renewables. Retrieved 10 September 2024.