An innovative financing initiative designed to unlock investment and open up more opportunities to develop renewable energy resources.
The Powering Australian Renewables Fund (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.
In July 2016, AGL 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.
In November 2016, AGL announced on behalf of the PARF that it had reached financial close on selling its 102 MW Nyngan and 53 MW Broken Hill solar plants into the Fund. Following this in January 2017, AGL announced it had reached financial close on the sale of the 200 MW Silverton Wind Farm project in western New South Wales.
In August 2017, AGL announced it had reached financial close on the sale to the Powering Australian Renewables Fund (PARF) of the 453 MW Coopers Gap Wind Farm project at Cooranga North, approximately 250 kilometres north west of Brisbane. The project will be the largest wind farm in Australia on completion.
The Fund provides an opportunity for investors to finance a portfolio of renewable assets, to diversify risk and reduce costs.
AGL will provide $200 million in cornerstone equity and QIC, on behalf of its managed clients including the Future Fund, will provide $800 million in equity funding to the Powering Australian Renewables Fund. The balance of funding will be debt raised at a project-by-project level.
The Fund is targeting approximately 1,000 MW of large-scale renewable generation, with a total investment of $2 -3 billion dollars.
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