Australian superannuation fund Cbus Super has acquired a 10% stake in 2.2GW Star of the South offshore wind project from Copenhagen Infrastructure Partners (CIP).
The stake purchase follows Cbus’ investment into CIP’s flagship fund, CI IV, which owns the majority stake in Star of the South.
Financial details of the deal have not been disclosed.
Cbus chief investment officer Kristian Fok said: “Star of the South is a landmark investment for Australian superannuation into the local offshore wind sector.
“Cbus is excited to be partnering with CIP, one of the world’s largest and most successful developers of offshore wind, while helping to pioneer the offshore wind industry in Australia.
“Star of the South will support, establish and grow the offshore wind industry in Australia, while assisting the Victorian Government’s commitment to a net-zero emissions economy.”
Claimed to be one of the most progressed offshore wind project in Australia, Star of the South will be located off the south coast of Gippsland in Victoria.
Once completed, Star of the South will have the capacity to power nearly 1.2 million homes and meet up to 20% of electricity requirements in the state.
The project is expected to create new employment opportunities as well as bring in in new investments in the Gippsland region.
Star of the South project is expected to support the State Government of Victoria’s target of creating at least 2GW of offshore wind capacity by 2032 and up to 9GW by 2040 and establishing a new clean energy sector in the state.
CIP partner Michael Hannibal said: “CIP is pleased to continue to strengthen our long-term partnership with Cbus, a superannuation fund that shares a similar perspective as CIP on the importance of clean energy resources.
“Combining CIP’s industrial background and international experience within offshore wind with Cbus’ local experience, our partnership will enable the provision of renewable power to Victorian homes and businesses and contribute to reaching Victoria’s decarbonisation targets. “The transaction highlights the significant potential of offshore wind in Australia, with the opportunity for Victoria to be a leader in the significant global growth of offshore wind.”